Cash-strapped Oman is getting a shot at redemption with investors without recourse to a bailout from wealthier neighbors.
A year after the sultanate’s bonds approached distressed territory and its government discussed the possibility of financial aid from other members of the Gulf Cooperation Council, it’s following through on a turnaround plan that enables it to go it alone, according to JPMorgan Chase & Co.
“This time around it’s not about GCC support,” Hani Deaibes, the U.S. bank’s head of debt capital markets for the Middle East and North Africa, said in a phone interview from Dubai. “It’s about Oman’s own strategy and the implementation” of its fiscal adjustment plan known as Tawazun, he said.
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