Muscat – Oman’s 2023 budget will focus on achieveing financial sustainability as well as accelerating implementation of development projects across sectors. This was stated by a Ministry of Finance and Ministry of Economy circular issued on Thursday.
The circular stated that preparations for the 2023 State Budget estimates are in line with the government’s objectives which seek to achieve the goals of Oman Vision 2040 and to implement the programmes and initiatives of the Tenth Five-year Development Plan (2021-2025).
‘The salient features of 2023 State Budget include maintaining current measures to achieve financial sustainability, channeling part of the financial surpluses (if any) towards augmenting liquidity and accelerating the awarding and implementation of development projects in the Tenth Five-Year Plan (2021-2025) across various sectors.’
The aim of the budget is to stimulate economic recovery, cut debt and gradually reduce and repay loan installments, the circular added.
‘The budget estimates of various government units will be submitted online with the aim of enhancing the efficiency of budget preparations, improving the process of the budget discussion and facilitating the budget implementation control.’
Online submission for estimates of the 2023 State Budget (current and development estimates) should be made by July 31, 2022.
H E Dr Nasser bin Rashid al Mawali, Undersecretary in the Ministry of Economy, stated on Saturday that the total budget for development projects in 2022 is around RO1.2bn. He stressed that the financial allocations for the development budget will be reviewed from time to time. He told ONA that the ministry follows a process and evaluates and selects development projects with various entities and institutions.