​OMAN: Cabinet reshuffled and VAT debated, but revenues collapse and Fitch downgrades

GULF COUNTRIES - Report 18 Aug 2020 by Rory Fyfe and Justin Alexander

There has been a flurry of Oman developments in the last few days, positive and negative, which are important to assess as the country prepares for a bond issuance in the relatively near future (well before its recently-closed $2bn bridge loan matures in mid-2021).

Negative
Fitch downgraded Oman to BB- (Negative).
Revenue was very weak in May.
This brought the YTD outturn back to deficit.

Positive
Sultan bin Salim al-Habsi was appointed as finance minister.
Sultan Haitham has relinquished his key ministerial titles.
Spending cuts continued in May.
The State Council debated the VAT law (but didn’t approve it).

First, the negatives...

Now read on...

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