IMF: Sultanate’s measures respond both to Covid-19, slump in oil prices

Cairo: The International Monetary Fund (IMF) has said that the policies and precautions of the Sultanate of Oman respond well to coronavirus (Covid-19) developments and the current slump in global oil prices.

In its report about reactions of 193 countries to Covid-19 pandemic, the IMF pointed out that authorities in the Sultanate carried out a number of procedures to curb the spread of the virus.

The IMF referred to the Omani government’s announcement of a 5 per cent budget cut in view of the decline in oil prices that is conducive to a drop in government revenues. It highlighted Oman’s announcement of measures to enhance the economy.

The IMF added that the Tax Institution, Oman, unfurled a set of procedures to ease pressure on the business community, including waiving fines and penalties linked to delayed disclosure of statements and permission to reschedule repayment of taxes and premiums (to be paid in installments).

Last month, the Central Bank of Oman announced a raft of policies to immediately spur the financial sector through the pumping of additional liquidity to the tune of RO 8 billion ($20.8 billion). The procedures also included discounting interest on repurchase at a rate of 75 base points to 0.50 per cent and other incentives. –ONA

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