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His Majesty orders implementation of development projects worth RO 371 million to stimulate economy

22 Oct 2020

His Majesty Sultan Haitham bin Tarik ordered the implementation of development projects in various governorates, worth RO 371 million to stimulate the economy.

His Majesty the Sultan also approved the medium-fiscal balance plan (2020-2024) that will ensure financial sustainability and reduce public debt.

The fiscal plan aims at laying the foundations for the financial sustainability of the country, reducing public debt, raising the efficiency of government spending by directing it towards national priorities and increasing government income from non-oil sectors.

The move also aims at strengthening the financial reserves of the state by improving the return on investment of government assets.

His Majesty also directed authorities to build an integrated national system of social protection, with the aim to safeguard low-income and social security families from any impacts of the fiscal plan.

 

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