The Ministry of Finance in the Sultanate of Oman approved a medium-term fiscal balance plan (2020-2024), with the aim of achieving sustainable levels of financial balance by the end of 2020 and creating the financial conditions that support Oman's Vision 2040.
The implementation of the fiscal balance plan would reduce the debt ratio of GDP, which the Ministry of Finance estimated would reach 124 percent if the plan is not adhered to, while the balance plan works to keep the debt ratio at 80 percent of GDP by 2024.
Through the plan, the Sultanate of Oman seeks to enhance financial sustainability as one of the most important enablers of Oman 2040 Vision. The plan also aims to support economic growth, strengthen the social protection system, rationalize and raise the efficiency of government spending, and stimulate and diversify government revenue sources. The plan includes a set of initiatives, some of which have entered into implementation, while other initiatives will be implemented according to priority and readiness, taking into account the need to gradually implement these measures to take into account the economic and social impacts resulting from them, as a comprehensive social protection system has been developed for low-income people from the influence of some financial policies.
Source (Al Khaleej UAE newspaper, Edited)
