The Ministry of Finance on Sunday announced its mid-term fiscal balance plan (2020-2024) which was approved by His Majesty Sultan Haitham bin Tarik, according to a statement issued by the Council of Ministers on October 22.
The plan is aimed at achieving sustainable levels of fiscal balance by the end of 2024 and preparing conditions that are supportive of the Oman Vision 2040.
The mid-term fiscal balance plan involves a set of initiatives some of which have entered the implementation stage while others will be enforced according to priority and preparedness taking into account the necessity of gradual implementation of these procedures in consideration of its economic and social effects. For that purpose, a comprehensive social protection system has been set up to help limited-income segments cope with the impact of some financial policies.
The announcement of the plan comes within the context of continued fall in oil prices in addition to the impact of the COVID-19 pandemic which affected the global economy and lowered the energy demand thereby affecting various economic sectors.
The fiscal balance plan will be published on the Ministry of Finance’s website in both Arabic and English to be available for local stakeholders both from the sultanate and outside.
By implementing the initiatives and policies, the sultanate seeks to avert a continuation of financial deficits as well as avoid the decline in Oman’s credit ratings and improving it in order to achieve safe levels that are attractive to investors.