Oman is expecting to see an OMR 1.3bn ($3.4bn) budget deficit in 2023, equivalent to about 3% of GDP after seeing an expected surplus this year thanks to higher oil prices. Oman expects revenues of OMR 11.7bn ($30.4bn) and expenditures to be at OMR 13bn ($33.8bn) next year, based on an assumed average oil price of $55/bbl. Spending in 2023 would be 7% higher than this year. For 2022, Oman expects a fiscal surplus of OMR 1.15bn ($3bn), revenues of OMR 14.2bn ($36.9bn) and expenditures of OMR 13.09bn ($34bn) with an average oil price estimate of $94/bbl. Oman was recently upgraded to BB from BB- by S&P upon the nation’s fiscal and external positions “benefiting from government reforms and higher oil prices”.
Oman’s dollar bonds were trading slightly lower with its 6.25% 2031s at 101.32, yielding 6.04%
For the full story, click here