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The Ministry of Economy has formulated a new matrix to help with the prioritisation and effective implementation of developmental projects during the 10th Five Year Development Plan (2021 – 2025).
An overview of the new format was outlined in the 2022 General Budget Statement published by the Ministry of Finance earlier this week.
“The Ministry of Economy has developed a matrix to identify sectoral and project priorities for the Tenth Five-Year Development Plan to ensure social and economic return, in addition to capturing the (spinoffs) that would contribute positively to the national economy and serve the social aspect,” it explained.
Significantly, development projects worth an estimated RO 900 million are envisaged for implementation as part of the 2022 Budget. They represent the estimated amount to be paid during the year as per the “actual work in progress for the projects”.
“The development projects have been reprioritised in terms of their urgency, cost, and economic and social return, using the Matrix of Projects developed by the Ministry of Economy,” it was noted in the budgetary statement.
The matrix spells out a clear mechanism for evaluating the priority of projects selection to meet current and future requirements. It also sets out unified standards for ministries to prepare and submit the project file. Additionally, a clear and flexible methodology is outlined for project selection in line with the strategic objectives of development.
“The matrix features criteria for measuring the positive economic and social impact of the projects through the related elements. It also assesses the readiness of the units to implement the projects. Depending on the availability of full details on a project, a score is given for each criterion, and then the total scores of each project are measured according to mathematical equations.”
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