The operation is being arranged by Citi, Gulf International Bank, HSBC, Standard Chartered, Bank ABC and Bank Muscat, and is expected to be launched later in the day, according to a document issued by one of the banks.
The document, issued by one of the banks, said Oman had appointed Citi, Gulf International Bank, HSBC, Standard Chartered, Arab Banking Corporation and Bank Muscat to arrange contact with investors starting Monday.
This comes as Oman last resorted to the international debt market in January, when it raised $3.25 billion.
Oman’s Ministry of Finance said at the end of March that it was more than half way to meet its total financing needs of 4.2 billion riyals ($10.9 billion) for this year, thanks to borrowing and withdrawals from the country’s wealth fund.
Since assuming power in January 2020 after the death of Sultan Qaboos, Sultan Haitham bin Tariq has embarked on dramatic measures to support state coffers. Efforts have included cutting subsidies, imposing a value-added tax, and even planning for an income tax – which would be a first for a Gulf country – as part of a medium-term plan to reform the economy.