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HM approves fiscal plan to stimulate economy

24 Oct 2020 By ONA

In line with the pledge he made earlier declaring his keenness to direct financial resources in an optimum manner and to place fiscal balance on top of the government’s priorities, His Majesty Sultan Haitham bin Tarik has approved a Medium-Term Fiscal Balance Plan (2020-2024) devised by the government.

The Royal Directive also includes the implementation of a number of developmental projects to come up in different governorates to the tune of RO371mn.

The plan includes a set of programmes whose overall goal is to lay down the foundations for financial sustainability in the sultanate, cut debt, raise efficiency of government spending by prioritising financial action, increase government income from non-oil sectors, bolster the state’s financial reserves and improve revenues from government assets to enhance their capacity to tackle any financial challenges and to channel these revenues in the right course for economic growth and prosperity.

His Majesty the Sultan’s directive includes speeding up the establishment of a national integrated system for social assurance with a view to protecting low-income segments and Social Security Scheme families against any adverse impacts, as designed in the plan’s measures and procedures.

The Royal Directive reflects His Majesty the Sultan’s resolve of sustained support for financial activity and domestic development. The departments concerned will announce the details of the plan and outline initiatives that it covers.

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