#Oman borrowed 600 million rials from sovereign fund, 1.77 billion rials from other sources | Reuters

Oman borrowed 600 million rials from sovereign fund, 1.77 billion rials from other sources | Reuters

Oman has borrowed 600 million rials ($1.56 billion) from its sovereign fund, the Oman Investment Authority, and another 1.77 billion rials through external and internal borrowings to partly finance its 2021 budget, the finance ministry said.

The total borrowing of 2.37 billion rials is 56% of the 4.2 billion rials worth of financing required this year, the ministry said in its March fiscal performance report.

The report came as rating agency S&P Global Ratings last week affirmed its ‘B+/B’ long- and short-term foreign and local currency sovereign credit ratings on Oman.