The policies of Oman respond well to Novel Coronavirus (COVID-19) developments and the current slump in global oil prices, the International Monetary Fund (IMF) said on Sunday.
In its report about reactions of 193 countries to the COVID-19 pandemic, IMF said that authorities in Oman carried out a number of procedures to curb the spread of the virus.
IMF referred to the Omani government announcement of a 5 per cent budget cut in view of the decline in oil prices resulting in a drop in government revenues. It highlighted Oman’s announcement of measures to enhance the economy.
IMF added that the Tax Institution, Oman, unfurled a set of procedures to ease pressure on the business community, including waiving fines and penalties linked to delayed disclosure of statements and permission to reschedule repayment of taxes and premiums (to be paid in instalments).
Last month, the Central Bank of Oman announced a raft of policies to immediately spur the financial sector through the pumping of additional liquidity to the tune of RO8bn ($20.8bn). The procedures also included discounting interest on repurchase at a rate of 75 base points to 0.50 per cent and other incentives