Government to repay loans worth RO 2.85 billion by April end

Muscat: The government is set to repay loans worth RO 2.85 billion and reduce its public debt to RO 19.46 billion by the end of April 2022.

As of end-March 2022, R01.49 billion has been repaid, including repayment of a loan worth RO 850 million prior to its maturity.

The government aims to repay loans worth RO1 .36 billion by the end of April 2022.

As part of the plan to replace high-cost loans, an agreement worth RO 1.55 billion was signed in March 2022 in 26 financial institutions participated.

The government plans to utilize the surplus arising from higher oil prices for enhancing development spending to stimulate economic growth and support development projects, repay part of public debt, reduce the fiscal deficit and minimize the cost and risks of the debt portfolio.