S&P: Oman to Meet Its Funding Requirements of USD 50 Billion Over 2020 - 2023

S&P Global Ratings (S&P) expects that the Government of Oman will meet its funding needs totalling USD 50 billion over 2020-2023.

S&P stated that 63% of the aforesaid amount will be raised via external debt issuances, while the remaining requirement will be obtained as follows: 18.5% from drawdowns of domestic and external liquid assets, 15% from domestic debt and 3% through other transactions.

Rated sub-investment grade by major rating agencies, Oman has resorted to debt financing to counter the impact of falling oil revenues, along with the added weight of the recent COVID-19 pandemic. S&P warned that Oman’s depletion of external assets could accelerate, added to which...