The Sultanate of Oman borrowed $1.56bn from its sovereign fund, Oman Investment Authority and $4.6bn from other sources (external and internal) to partly finance its 2021 budget, the finance ministry said in its March fiscal performance report. The total borrowing of OMR 2.37bn ($6.15bn) is 56% of the financing requirements for this year, the ministry added. S&P Ratings last week affirmed Oman at B+ with a stable outlook expecting the increase in the government’s net debt to remain elevated through 2024. They noted that the gulf nation has large external debt maturities of $10.9bn over 2021-2022 and that it will have to rely on external debt to fund deficits and maturing debt.
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