(MENAFN- Muscat Daily) In a bid to enhance sultanate's financial position in the medium and long-term the Financial Affairs and Energy Resources Council on Tuesday approved the formation of specialised teams to study the structure of expenditure necessary measures to reduce public expenditure and to follow up the implementation of local borrowing programmes and status of liquidity.
The Council on Tuesday held its fifth meeting for 2015 under the chairmanship of H E Darwish bin Ismail al Balushi Minister Responsible for Financial Affairs according to an Oman News Agency report.
The Council reviewed the status of the state's budget in light of oil prices developments in the world markets and actual results of the accounts for the period from January to the end of August 2015.
The Council found that the measures taken by the government to rationalise expenditure and increase the non-oil revenues have contributed to alleviating the effects of oil prices' decline. It also pointed out that the recent new levels of oil prices and their continuous downturn require taking precautionary measures.
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