Staff Reporter -
Muscat, Nov 26 -
The Majlis Ash’shura on Monday discussed the draft state budget for the fiscal year 2019 outlined by Darwish bin Ismaeel al Balushi, Minister Responsible for Financial Affairs.
Al Balushi said the 2019 General Budget had been prepared by taking into account the current global economic conditions and looking forward to possible developments in the global economy that could have a positive or negative impact.
Several issues, including estimates of public revenues, public expenditure, public debt management in 2019, status of the government investment, economic diversification programmes, foreign direct investment (FDI) and privatisation programmes, are reviewed.
He said the oil crisis, which began in mid-2014, had significant negative repercussions and continued
to cast a shadow over the world economy and the opportunities for economic growth.
It was noted that extensive discussions were held by members on the efforts to create a stable environment that will continue to help the national economy to grow.
Members put questions on the results of programmes to promote economic diversification and increasing the contribution of non-oil revenues to the overall output.
Meanwhile, Saleh bin Saeed Masan, Chairman, Economic and Financial Committee, presented the committee’s report on the status of government investments, diversification programmes, FDI and privatisation programmes.
The report included several recommendations on reviewing the price at which gas is sold to Sohar Aluminium Company in line with international rates.
It recommended appropriate mechanisms to absorb job-seekers in a time-bound manner.
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