BUSINESS REPORTER
MUSCAT, MAY 25
The role of Energy Development Oman (EDO), the newly established wholly government-owned energy outfit, as well as the government’s fiscal funding strategies are part of a slate of topics on the agenda during fortnight-long deliberations with experts of the International Monetary Fund (IMF) that began on Monday.
According to a statement by the Ministry of Finance, the talks are taking place via videoconferencing within the context of Article IV consultations with member states.
During an Article IV consultation, an IMF team of economists visits a country to assess economic and financial developments and discuss the country's economic and financial policies with government and central bank officials. The team reports its findings to IMF management and then presents them for discussion to the Executive Board, which represents all of the IMF's member countries. A summary of the Board's views is subsequently transmitted to the country's government.
Nasser Khamis al Jashmi, Secretary General of the Finance Ministry, chaired the opening session of the virtual meeting.
The two-week meetings will cover developments of macro-economy, its future scopes, response to Covid-19 and preparations for the recovery period. They will also discuss priorities of the financial policies and measures listed under the Medium Term Fiscal Plan (2021-2025), including financial regulation procedures.
The agenda includes a review of Oman's medium term strategy for funding fiscal needs and the management of sovereign assets. This covers expected financial obligations of state-owned firms and Energy Development Oman. (With inputs from ONA)
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