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Moody’s sovereign Sukuk primer — Oman

Oman’s heavy reliance on the oil and gas sector and limited capacity to adjust to shocks weigh on the sovereign credit profile. Its fiscal and external accounts have deteriorated sharply in recent years, with government debt rising to nearly 85% of GDP in 2021 from just 5% in 2014. These credit challenges are set against Oman's robust but declining stock of liquid sovereign assets, low contingent liabilities from the banking system, and high per capita incomes.

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