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MoF to unveil plan to bolster fiscal sustainability, financial sector development

28 Jan 2024 MoF to unveil plan to bolster fiscal sustainability, financial sector development By OUR CORRESPONDENT

Muscat – The Fiscal Sustainability and Financial Sector Development Programme ‘Estidamah’ of Ministry of Finance (MoF) is set to unveil its comprehensive work plan at a media briefing on Monday.

The announcement will give details of the programme’s strategic framework, key pillars, initiatives and the collaborative efforts of various entities involved in the execution of the plan.

Estidamah is strategically positioned to continue its initiatives aimed at improving Oman’s public financial indicators. This aligns with the overarching goals of Oman Vision 2040, which seeks to transform the financial sector into a pivotal force driving the nation’s aspirations.

The programme’s objectives include elevating the competitiveness of the financial sector, diversifying financing options for different segments of the population, and broadening the scope of the financing market. This expansion is crucial to support the anticipated shifts in the investment and economic sectors, a ministry statement said.

Developed in collaboration with relevant authorities, the financial sector development plan under Estidama encompasses a series of initiatives and measures. These are tailored to empower the financial sector in achieving the economic and investment objectives set forth in Oman Vision 2040.

H E Abdullah bin Salim al Harthy, Undersecretary in MoF, highlighted the programme’s priorities earlier this month. These include bolstering financing for small and medium enterprises, backing sectors pivotal to economic diversification, promoting green and sustainable financing, enhancing local capital, attracting more foreign investment, and enhancing the insurance sector.

“The programme will institute a framework to ensure SMEs have access to necessary funding,” H E Harthy informed. He emphasised the establishment of a system designed to simplify access to initial capital and operational financing for SMEs.

H E Harthy further added, “In partnership with financial institutions, the programme aims to channel financial resources toward sectors that are key to Oman Vision 2040’s economic diversification goals.”

Additionally, the programme is committed to developing policies and regulations that bolster the green and sustainable finance industry. “A key focus is on green and sustainable financing. The programme proposes a suite of policies, legislations and initiatives, in coordination with relevant entities, to foster investments and finance projects that support environmental and social sustainability,” H E Harthy said.

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