Times of Oman | News :: Fiscal scenario in Oman remains upbeat:
"Capital Intelligence (CI) has affirmed Oman's long-term foreign and local currency sovereign ratings at 'A' and its short-term foreign and local currency ratings at 'A1.' The outlook for the ratings is 'stable,' according to a release.
Oman's ratings reflect a track record of reasonably prudent economic management, which — combined with favourable oil prices — has led to a run of budget surpluses, low levels of public debt and comparatively strong external finances. The ratings are also underpinned by the government's substantial stock of external assets and the currently sound banking system.
Oman's economic performance remains satisfactory. The economy expanded by about five per cent for the second year in a row in 2013, supported by increased hydrocarbon production and an expansionary fiscal policy. The short-term prospects for the economy are broadly favourable, with the pace of economic growth expected to ease to an average 3.5 per cent during 2014-16, partly due to slower growth in government spending. Inflation eased to 1.9 per cent in 2013 and is expected to remain at a moderate three per cent during 2014-16."
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