MUSCAT: Oman’s Ministry of Finance has reaffirmed its commitment to strengthening the nation’s fiscal performance during 2024 through the continued implementation of a series of strategic initiatives first unveiled during 2021-2022.
At the forefront of these initiatives, outlined in the 2024 State Budget, is the Sustainable Finance Framework, a key tool enabling the issuance of debt instruments dedicated to sustainable finance, aligning with the nation's broader sustainability strategies.
Simultaneously, the Government Services Pricing project aims to streamline bureaucratic procedures and costs by periodically reviewing and adjusting government service fees across critical units, fostering a delicate balance between price, quality, and competitiveness.
In tandem, the Supply Chain Finance Project seeks to expedite payments for government contractors and suppliers, contributing to the sustainability of the supply chain and enhancing efficiency for both public and private sector entities.
The recent enactment of the Public Debt Law, marked by Royal Decree No. 67/2023, signifies a landmark development, providing a legal framework to manage funds borrowed during emergencies and for vital development projects. The impending issuance of the Executive Regulation is expected to further fortify the government's capacity to issue public debt instruments, thereby promoting market development and credit strength.
Another initiative involves the meticulous revision of the Financial Law and its Executive Bylaws, aligning them with contemporary financial procedures and systems. This includes the integration of the Government Financial System, Program Based Budget, and Treasury Single Account, aiming to enhance overall financial governance.
Concurrently, the Program Based Budget (PBB) emerges as an advanced fiscal planning approach, identifying public spending priorities and linking expenditures to specific objectives and activities. The ongoing empowerment of 60 government units in adopting this performance-based budget signals a strategic shift towards comprehensive financial planning, with plans to extend this transformation to the remaining units.
Oman's fiscal reform initiatives underscore a commitment to fiscal responsibility, transparency, and sustainable development. These measures collectively represent a nuanced approach to economic resilience, promoting efficiency across public services and financial operations.
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