Sultan of Oman approves Tawazon 2020-2024 plan


هذه الصفحة متوفرة بهذه اللغة: العربية

22 October 2020

MUSCAT (WAF): Sultan Haitham bin Tariq approved the medium-term fiscal balance plan 2020-2024 (Tawazon 2020-2024) to ensure the financial sustainability of the Sultanate of Oman and reduce the public debt.

The reform plan includes initiatives aimed at “laying the foundations for the financial sustainability of the Sultanate, reducing public debt, raising the efficiency of government spending by directing it towards national priorities, increasing government income from non-oil sectors, strengthening the financial reserves of the state and improving the return on investment of government assets,” the statement issued by the Omani Cabinet and broadcast through the Oman News Agency stated.

Sultan Haitham has also directed the government to “expedite” building an integrated national social safety net to protect low-income and social security families from any expected impacts as a result of implementing the measures and procedures of Tawazon plan.

The Sultan further ordered the implementation of development projects in various governorates, worth 371 million Omani Rials ($964.6 million), to stimulate the economy.

The Cabinet’s statement comes one day after the Ministry of Finance disclosed the challenges facing the Omani economy and its expectations that the public debt will equal 130% of GDP within five years if remedial measures are not taken to correct the state’s fiscal course. The Ministry has also estimated the annual deficits during the next five-year plan of not less than 5 billion Omani Rials ($13 billion) annually.

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