In 2017, the Ministry of Finance (MOF) established the Debt Management Office (DMO) to manage the public debt portfolio effectively. The MOF, as the authorized entity, is responsible for borrowing on behalf of the government to meet financing needs, aiming to:
1- Finance the State’s general budget deficit.
2- Support the balance of payments.
3- Finance infrastructure projects and priority government development projects.
4- Restructure public debt.
5- Support the financial policies of the Central Bank of Oman and provide its needs relating to foreign currency reserves.
6- Fulfil the governmental obligations at the lowest cost.
7- Provide the necessary funding to manage natural disasters and emergencies declared by the government.
The Public Debt Law issued under Royal Decree No. (68/2023) includes, in Article 3, a decision to form the
Public Debt Management Committee and define its operating system. The committee consists of representatives from the Ministry of Finance, the Ministry of Economy, the Central Bank of Oman, the Oman Investment Authority, and two independent members with expertise in finance and economics proposed by the committee.
