Muscat: Moody’s has upgraded the credit rating of Oman to Ba1 for the second consecutive time this year, with a stable outlook.

Moody’s expects a continued decline in public debt, and improved indicators of the government’s ability to bear the burden of the state’s public debt, due to government efforts in channeling additional revenues to pay off public debt, controlling spending, and improving financial revenue.

Moody’s expectations are as follows:

A reduction in public debt to below 38 percent of GDP by the end of 2023.

A surplus of around 3.5 percent of GDP in 2023.

A surplus in current account by 2 two percent of GDP during 2023.

Oil prices to average $80-85 per barrel during 2024-2025.

Moody's Ratings on Oman:

October 2022 - Ba3 (Positive)

May 2023 - Ba2 (Positive)

December 2023 - Ba1 (stable)

Moody's stated that the government's adherence to fiscal prudence and its prioritization of debt repayments increases the likelihood that the improvements in the government debt metrics will be sustained in the medium term.

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