Oman set to reduce public debt, repay loans worth OMR 2.85 billion

The Government is set to repay loans worth OMR 2.85 billion and reduce its public debt to OMR 19.46 billion by the end of April 2022.

1. Repaid loans of OMR 1.49 billion as of end-March 2022, including repayment of a loan worth OMR 850 Million prior to maturity.
2. Loans being repaid OMR 1.36 billion by the end of April 2022.
3. Replacing high-cost loans of OMR 1.55 billion.
4. The signing of a loan agreement in March 2022 in which 26 financial institutions participated and it was oversubscribed at 150%.

In addition, the Government plans to utilise the surplus arising from higher oil prices for:

• Enhancing development spending to stimulate economic growth and support development projects.
• Reducing fiscal deficit.
• Minimising cost and risks of debt portfolio.
• Repaying part of public debt

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