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IMF team confers with Omani Economic Association experts

IMF team confers with Omani Economic Association experts
IMF team confers with Omani Economic Association experts

Muscat: A team of officials from the International Monetary Fund (IMF), currently on an Article IV Mission to the Sultanate of Oman, met with representatives of the Omani Economic Association here recently. The discussions focused on macroeconomic developments and the outlook for growth. Conversations spanned critical topics, encompassing financial and monetary policies, prospects for economic diversification and competitiveness, and reforms in social protection and labour laws.

This session was part of the IMF team’s consultations with the Omani authorities. A comprehensive report on Oman’s economic situation will be compiled by the experts for submission to the Fund’s Executive Council.

Conducted at the Omani Economic Association’s headquarters, the meeting delved into reforms and mechanisms aimed at enhancing economic stability. Focus areas included strategies for economic diversification, boosting competitiveness, and a review of government plans to achieve financial sustainability. Emphasis was placed on reducing the public debt-to-GDP ratio, fostering economic growth for national employment, and strengthening the role of private sector institutions in the development process.

The IMF mission commended Oman’s commitment to maintaining fiscal sustainability and acknowledged efforts to mitigate economic cycle trends by establishing a spending ceiling unaffected by oil price fluctuations.

Chaired by Cesar Manuel Serra from the IMF delegation and Dr Khalid bin Saeed al Amri, Chairman of the Omani Economic Association, the meeting saw participation from experts on both sides and officials from the Central Bank of Oman.

Dr Khalid bin Saeed al Amri underscored the meeting’s focus on crucial economic and financial reforms, national economic development, and the analysis of recent economic developments and risks. The discussion also covered economic diversification and competitiveness. Dr Al Amri highlighted the importance of the IMF’s visit and the Omani Economic Association’s neutral stance, expressing commitment to collaborative efforts with the government and stakeholders to achieve economic and social goals outlined in Oman Vision 2040. He expressed optimism about continued joint efforts for progress and sustainability in line with the aspirations of Oman Vision 2040.

In a LinkedIn post, HH Sayyid Dr Adham al Said, prominent Omani economist, shared insights from discussions with the IMF mission, alongside representatives from the Omani Economic Association.

The IMF routinely conducts visits to Oman as part of the Article IV consultations, engaging with government officials, experts, and civil society organisations. The discussions covered a broad spectrum of topics, including economic reforms, diversification, fiscal developments, and overarching issues. These meetings provide a valuable opportunity to gain insights into Oman’s ground-level realities, fostering a rich learning experience for all involved.

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