Strong ties with Saudi Arabia could become crucial as Sultan Haitham, the 65-year-old former culture minister, faces tens of billions of dollars in outstanding debt, an “junk” credit rating and high youth unemployment. The Corona virus pandemic and the decline in oil prices have exacerbated the financial problems of the Gulf state, resulting in Sporadic protests erupt in May This came as a shock to the once-quiet sultanate. The Omani government is struggling to balance its books and is now turning to its wealthier Gulf neighbors for financial support, according to last year’s bond prospectus.
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