Oman’s Ministry of Economy held a bullish press conference on 25 September touting the country’s post-pandemic economic recovery. Top among the measures cited was debt falling to 37% of GDP, an unthinkable level only a few years ago.

The conference came on the back of freshly published government statistics which recorded a $795mn budget surplus for 2Q 2022, the fifth such surplus in the past six-quarters (see chart 1). Last year the country recorded a $2.98bn budget surplus on the back of higher oil prices and volumes, its first annual surplus since 2008 (MEES, 23 December 2022). (CONTINUED - 859 WORDS)