MUSCAT — The Financial Affairs and Energy Resources Council yesterday held its third meeting.

The meeting was chaired by Ahmed bin Abdulnabi Macki, minister of national economy and deputy chairman of the Financial Affairs and Energy Resources Council.

The council discussed the state budget estimates for the year 2009, which include the general framework for the budget estimates, the details of the revenues, expenditure, deficit and the assumptions on which the estimates are made. In a bid to meet the public expenditure levels, financial commitments towards the development projects at one hand and ensure reasonable level of deficit on the other, the state budget 2009 has been made on the assumption that oil will be priced at $55 per barrel.

The council also reviewed the report prepared by the Finance Ministry on the financial status of the state and the public accounts results as on end of August 31, 2008. It also reviewed the current global financial events, including the global credit crisis that has not directly affected the general performance of the national economy or the projects undertaken by the government. The council also reviewed issues related to the state reserve fund including the reports on the fund activities and its yields.


It also reviewed a number of other topics and took the appropriate decision in their regard.