Oman announces $260 million social security package

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هذه الصفحة متوفرة بهذه اللغة: العربية

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April 8, 2021

MUSCAT (WAF)- Sultan of Oman, Haitham bin Tariq, approved today a package of initiatives to expand social security worth more than 100 million Omani Rials ($260 million), Oman state TV reported.

The package included raising the number of essential food commodities subject to value-added tax (VAT) by 0% from 93 to 488 food commodities. The package consists of doubling the amount of subsidised fuel per individual within the national fuel subsidy system from 200 litres to 400 litres, with the government bearing the cost of VAT on the subsidised quantities so that the subsidised fuel (Fuel 91) price would continue at the same price of 180 baisas per litre.

The government will also bear the value-added tax imposed on electricity and water services for all citizens who have two accounts or less, including families eligible for a government subsidy for the two services.

The initiatives included, extends the period of disbursing the job security benefit until the end of the current year, exempting all citizens benefiting from the Sanad and livelihood (Mawarid al-Rizq) programs from paying unpaid amounts and exempting citizens with monthly income below RO350 benefiting from the soft housing loan program from their debts.

The Sultan has also approved more funds into the Ministry of Social Development allocations to support insolvent families.

As for Oman Development Bank (ODB), it will provide interest-free and fees-fee facilities for self-employed Omanis, while the Authority for Small and Medium Enterprises Development will launch a funding scheme directed at Riyada cardholders. The details of the initiatives by ODB and the Authority are yet to be announced.