Muscat: The Economic and Financial Committee of Majlis Ash’shura held a meeting on Tuesday to discuss the tenth five-year development plan (2021-2025) through focus on its objectives pillars.
In its meeting the panel hosted Dr Nasser bin Rashid al Maawli, Undersecretary of the Ministry of Economy and Abdullah bin Salem al Harthy, Undersecretary of Ministry of Finance, in the presence of Shaikh Khalid bin Hilal al Maawali, Chairman of Majlis Ash’shura.
The meeting discussed the methodology for the preparation of the tenth five-year development plan and the executive situation of the ninth five-year plan (2016-2020) as well as the financial and economic framework, and follow-up and evaluation framework of the tenth five-year development plan.
Dr Nasser bin Rashid al Maawli, Undersecretary of the Ministry of Economy explained that the tenth five-year development plan has a great significance at this historical stage being the first executive plan of the Oman Vision 2040. He affirmed that the focus will be given to the most important strategic goals of the Omani Vision 2040 by identifying the programmes that will contribute to achieving its national priorities during the next five years.
The tenth five-year development plan is also considered the first plan to reflect the Royal orientations of His Majesty Sultan Haitham bin Tarik stated in the historic address delivered by His Majesty on February 22, 2020 in which he stressed the most significant axes of national action during the upcoming period which include restructuring the state administrative apparatus, listening to the youth, empowering women in nation-building and the importance of realizing the Oman Vision 2040. In his address, His Majesty emphasized the importance of developing the laws and legislations in line with the requirements of the current and future stages, Al Maawli said.
Al Maawali touched on a number of local challenges that has been taken into account by the plan including the drop in global oil demand, the economic recession, the build-up in the public debt to GDP, the declining credit rating and the increase in borrowing cost, the decrease in the private sector’s contribution to economic activities and the increase in job-seekers number.
Al Maawali affirmed that the plan mainly targets to restore economic momentum, speed up economic activities, achieve balanced socio-economic development through implementing the programmes, initiatives and projects proposed within an integral organizational and time framework. The plan primarily targets to stimulate the economic growth and improve the macroeconomic environment.
Abdullah bin Salem al Harthy, Undersecretary of Ministry of Finance, confirmed that the Sultanate during the upcoming period seeks to uplift the public finance efficiency and attain fiscal balance between the measures aimed at rationalizing public spending on the one side and adopting controlled fiscal policies on the other side.
The committee members stressed the importance of activating the available resources such as ports, free zones, supporting the small and medium enterprises, offering good incentives to investors in order to benefit from infrastructure and services provided by the Sultanate’s ports so that they yield revenues proportionate to the funds invested in it.
The members underscored the importance of following up the performance of the state-owned companies, stressing the need to reduce the production cost of oil and gas as well as revising the current cost.
The members urged the under-secretaries of the ministries of finance and economy to strike a balance between financial and economic and the social aspects to achieve fiscal sustainability and economic growth.
Oman Observer is now on the WhatsApp channel. Click here
