Standard and Poor’s Global Ratings expects the Sultanate’s general budget deficit to GDP to fall by 4.9% in 2022. It also upgraded the Sultanate’s future outlook from stable to positive, while affirming the credit rating at (B+/B).
“Standard and Poor’s has issued its credit rating for the Sultanate, in which it revised its future outlook from stable to positive, with an affirmation of the credit rating at (B+/B),” the Ministry of Finance said in a statement.
“In its report, the agency indicates the possibility of raising the Sultanate’s credit rating in the next year with the continued rise in the Sultanate’s economic activity, as it expected that economic activity would rise by 2.7 percent in 2022 compared to 1.7 percent in 2021, leading to an improvement in financial performance and a reduction in government net debt,” it added.
According to the Ministry of Finance, the reason for the Sultanate’s higher expectations is due to its policies and procedures in response to addressing economic and health challenges, the improvement in global oil prices, and the decline in the severity of the COVID-19 pandemic, which increased financial and economic challenges, in addition to the Sultanate’s financial measures.
