Oman to use surplus from higher oil prices to reduce public debt

CAIRO – Oman expects to reduce its public debt to 19.46 billion Omani riyals by using the surplus arising from selling oil at higher prices and repaying some loans by end of April 2022, the finance ministry said on Thursday.

The ministry expects to repay loans worth 2.85 billion Omani riyals by end of April as part of its public debt management strategy.

“The government plans to utilise the financial surplus arising from higher oil prices to repay part of the public debt, reduce the fiscal deficit and minimise the cost and risk of the debt portfolio,” the ministry also said.

(Reporting by Ahmed Tolba and Alaa Swilam; Editing by Kirsten Donovan)