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Oman is seeking to apply for a two billion dollars loan

By : Marwa Mahmoud

The Sultanate of Oman is seeking a temporary loan of $ 2 billion from international and regional banks.

Reuters news agency, quoted an informed source, that these steps have now been resumed.

Sources had previously said that the Sultanate held talks with banks earlier this year on financing options, including a loan of about two billion dollars, but the talks were suspended due to the Corona virus crisis and low oil prices.

According to the agency, Oman sent a request for proposals to banks last June, for a loan of two billion dollars for a year, which will replace the issuance of bonds, confirming a report submitted by “LBC.”

The Sultanate relies on 70% of the Sultanate’s revenues on oil and gas, and that caused a sharp drop in energy prices on the budget and the worsening of the deficit.

The Sultanate is working on relying on manufacturing industries, establishing refineries and petrochemical factories, in addition to tourism; since the country is rich in historical, geographical and scenic tourism, and the varied  terrain and climate in it, to improve its economic situation.