Oman's Sultan Haitham vows to reduce public debt, boost employment - Arabianbusiness:
In his speech marking the end of a 40-day mourning period for his predecessor, Omani Sultan Haitham bin Tariq al-Said has vowed to reduce public debt and restructure public institutions and companies.
According to statistics from S&P Global Ratings, Oman’s debt to oil ratio rose to nearly 60 percent in 2019 – compared to 15 percent in 2015 – and could go as high as 70 percent by 2022.
“We will also be committed to directing our financial resources in the most idea manner which will ensure the reduction of debt and the increase of income,” Sultan Haitham said, according to a transcript of the televised address published by local media.
“We will direct the government, with all its sectors, to implement a more efficient system of management which places, on top of its priorities, financial balance, economic diversification, the sustainability of the national economy, besides developing all relevant laws and regulations,” he added.
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