A string of national programme launched by the Omani government as part of the Tenth Five-Year Development Plan will contribute to achieving the objectives of Oman Vision 2040, the Ministry of Finance has affirmed.
The programmes provide “sustainable solutions” for achieving results in priority areas, such as strengthening the fiscal and economic matrix, supporting employment generation, building competitiveness, and accelerating the digital transformation, it noted in the 2023 General Budget Statement.
Perhaps the most significant among the list of strategic initiatives is the National Programme for Fiscal Sustainability and Development Financial Sector. Implemented by the Ministry of Finance, the programme aims to develop the financial sector through the introduction of initiatives and projects to promote the role of banking sector and develop financing solutions. Additionally, the progamme aims to enhance the role of the capital market in finance and investment so as to achieve integration between financial, monetary, and economic policies.
Equally important is the National Programme for Economic Diversification (Tanwea’a). Supervised by the Ministry of Economy, it addresses the economic challenges facing various diversification-oriented sectors. It also seeks to identify solutions that help to accelerate the realization of objectives outlined by the Tenth Five-Year Development Plan, and in accordance with Oman Vision 2040.
Similarly, the Government Digital Transformation Programme, implemented by the Ministry of Transport, Communications and Information Technology, aims at improving government entities’ efficiency and discovering innovative solutions that are efficient, transparent, and creative. The programme seeks to improve the work environment through the simplification of business models and developing channels and tools to optimize the benefit of rapid technology changes.
Further, the National Programme for Investment and Exports Development (Nazdaher), implemented by the Ministry of Commerce, Industry and Investment Promotion, aims to consolidate government efforts to attract private investments, so as to be one of the drivers supporting the national economy. It focuses on promoting and enabling the role of private sector in leading the economic development through creating an attractive investment environment.
To help support employment generation, the National Employment Programme (Tashgheel) addresses the needs of job-seekers, and endeavors to identify sustainable employment solutions, as well as create job opportunities for the nationals.