Muscat – State Council discussed on Tuesday a report from the expanded Economic and Financial Committee regarding the draft state general budget for fiscal year 2025. The discussion was held in preparation of returning the draft budget to the Council of Ministers, accompanied by  recommendations of both State Council and Majlis a’Shura, in accordance with Article 52 of the Council of Oman Law. The session took place under the chairmanship of H E Sheikh Abdulmalik al Khalili, Chairman of State Council, and attended by honourable members and the secretary-general of the council.

Khalili stated, “We are discussing the draft budget, which has been prepared with an approach that allows the government to maintain financial, economic and social stability. It aligns with the financial framework of the 10th Five-Year Plan and Oman Vision 2040, aiming to enhance growth of non-oil revenues, improve efficiency of public spending, and continue reducing public debt levels to achieve financial sustainability and foster economic growth.”

At the discussion, Dr Dhafer Awad al Shanfari, Chairman of Economic and Financial Committee of the council, delivered a statement of the expanded Economic and Financial Committee on the draft general budget for the fiscal year 2024. He highlighted the significance of the draft budget, noting that it comes in the final year of the first executive plan for Oman Vision 2040. This budget serves as a crucial evaluation point for continuing economic and structural reforms, strengthening financial position and sustainability, promoting growth and diversification of the Omani economy, and adapting to rapid changes.

He added, “The expanded Economic and Financial Committee commends the government’s efforts in recent years, which have resulted in stable public finances, an improved credit rating for the sultanate, a reduction in public debt-to-GDP ratio to approximately 34%, and achievement of a budget surplus of 1.8% of the GDP in 2024.”

After extensive discussions, the council approved the report from the expanded committee on the draft state general budget for the fiscal year 2025.