The Financial Affairs and Energy Resources Council on Wednesday reviewed the state financial position report. Financial performance indicators for the first seven months, including the actual and realised oil prices, the actual revenues and the expenditure levels, were examined.
The report showed that the budget deficit on July end stood at 2.6 billion rials.
The meeting of the council, held under the chair of HE Darwish Bin Ismail Al Balushi, Minister Responsible for Financial Affairs, also reviewed the initial estimates for the state budget for the 2018 fiscal year.
It discussed the bases and assumption on which estimates will be made as the financial position of the state is affected by the oil price drop. The council discussed various measures aimed at improving non-oil revenues and cutting the expenditure to curtail the growing budget deficit. These steps will be presented to council at its next meeting after completing its study with the relevant authorities to prepare for the approval of the draft state budget.