FAERC reviews financial situation

FAERC reviews financial situation

The Financial Affairs and Energy Resources Council on Wednesday held its 7th meeting of the year under the chairmanship of HE Darwish bin Ismaeel bin Ali al Balushi, Minister Responsible for Financial Affairs, and Deputy Chairman of the Financial Affairs and Energy Resources Council. As part of its follow up of the financial and economic developments of the State, the Council reviewed the report on the financial status of the State as of the end of November 2017, as well as financial indicators including the realised oil price, the state’s actual revenues, expenditure and deficit levels.

It also reviewed the two reports of the State Council and Majlis Ash’shura on their remarks about the State’s draft budget for the fiscal year 2018, as well as their visions and remarks on the financial condition and the financial frameworks for the State General Budget. The Council approved going ahead with the procedures to approve the State Budget for 2018. It also affirmed the importance of continuing the measures that aim at rationalising expenditure, enhancing efficiency and diversifying non-oil revenues.

The Council reviewed also a circular on the amended financial framework for the 9th Five-Year Development Plan (2016-2020) and some reports on oil and gas. These reports included the key controls for allotment of gas or energy in some industrial zones. It also reviewed a number of other issues and took necessary decisions towards them.


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