Oman has received $1bn in direct financial support from Qatar as the cash-strapped sultanate seeks to stave off an economic crisis worsened by coronavirus and lower oil prices.
One of the poorer oil-dependent Gulf states, Oman is tapping richer neighbours for much-needed financial aid as it balances the need to plug a widening budget deficit against the potential threat to its much-prized neutrality.
Officials from the sultanate marketing a bond on conference calls said Qatar had deposited the amount in the central bank of Oman, and promised that there was more to come, three people briefed on the conversations said.
Investors said Qatari support for Oman is a good start, but more is needed. “A billion isn’t going to move the needle — they need to raise a lot more,” said one, who requested anonymity because he was not authorised to speak about transactions.
Oman did not respond to a request for comment. Qatar declined to comment.
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