'Budget 2024 is growth oriented'
Published: 02:01 PM,Jan 02,2024 | EDITED : 06:01 PM,Jan 02,2024
'Budget 2024 is growth oriented'
Oman’s budget for 2024, aligned with his Majesty’s Vision 2040 strategy, has earned wide applause from different corners of the society concidering it a highly pragmatic and growth oriented.
Business experts living in the Sultanate of Oman hailed the Five-year plan and the medium term fiscal plan as a futuristic economic plan as the budget provides for establishment three funds with a total outlay of RO 4.4 billion including RO 1.9 billion towards providing 60,000 housing loans, RO 2 billion towards strengthening the investment portfolio of Oman Investment Authority (OIA) in various sectors of the country RO 500 million towards providing loans through the Development Bank to projects which will add value to the local economy.
“This is a commendable allocation to make the private sector part of the nation building exercise,” opined Davis Kallookkaran, Founding Managing Partner at Howarth Crowe, a leading audit firm.
“Again the revenue projected in the budget is very conservative with the oil prices at USD 60, the deficit of RO 640 million is very minimal and we are hopeful that given the optimism in the economy, the 2024 budget will turn out to be a surplus one,” he added.
Commenting on the budget, Abdul Latif Uppala, first elected member of the Board of Directors of Oman Chamber of Commerce called it a ‘development-oriented budget that will give strength to the country's progress’.
“The budget includes various projects to attract entrepreneurs and investors to involve citizens in the advancements made possible by the Sultanate of Oman in different sectors. It will help the country's economy to achieve progress in line with Vision 2040 and enjoy rapid growth. Also, many job opportunities will be created through this and Omani youth will be the beneficiaries,” said Abdul Latif who is also the Managing Director of Badr Al Sama Group of Hospitals.
“The budget's proposals to improve the business environment and widen the participation of the private sector in economic development are promising,' he added.
Entrepreneurs and investors in the country lauded the measures to improve the level of insurance coverage and social security for citizens as commendable.
The budget has also announced that the level of spending on basic services like education, health and housing will be maintained. Also, the people of Oman praised the other measures like the allocation for the 10th five-year plan which has been increased to RO8b and overall, the budget will help speed up the growth of Oman.
Business experts living in the Sultanate of Oman hailed the Five-year plan and the medium term fiscal plan as a futuristic economic plan as the budget provides for establishment three funds with a total outlay of RO 4.4 billion including RO 1.9 billion towards providing 60,000 housing loans, RO 2 billion towards strengthening the investment portfolio of Oman Investment Authority (OIA) in various sectors of the country RO 500 million towards providing loans through the Development Bank to projects which will add value to the local economy.
“This is a commendable allocation to make the private sector part of the nation building exercise,” opined Davis Kallookkaran, Founding Managing Partner at Howarth Crowe, a leading audit firm.
“Again the revenue projected in the budget is very conservative with the oil prices at USD 60, the deficit of RO 640 million is very minimal and we are hopeful that given the optimism in the economy, the 2024 budget will turn out to be a surplus one,” he added.
Commenting on the budget, Abdul Latif Uppala, first elected member of the Board of Directors of Oman Chamber of Commerce called it a ‘development-oriented budget that will give strength to the country's progress’.
“The budget includes various projects to attract entrepreneurs and investors to involve citizens in the advancements made possible by the Sultanate of Oman in different sectors. It will help the country's economy to achieve progress in line with Vision 2040 and enjoy rapid growth. Also, many job opportunities will be created through this and Omani youth will be the beneficiaries,” said Abdul Latif who is also the Managing Director of Badr Al Sama Group of Hospitals.
“The budget's proposals to improve the business environment and widen the participation of the private sector in economic development are promising,' he added.
Entrepreneurs and investors in the country lauded the measures to improve the level of insurance coverage and social security for citizens as commendable.
The budget has also announced that the level of spending on basic services like education, health and housing will be maintained. Also, the people of Oman praised the other measures like the allocation for the 10th five-year plan which has been increased to RO8b and overall, the budget will help speed up the growth of Oman.