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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Shura economic panel discusses 10th five-year plan

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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 Maawali, 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 Maawali, Under-Secretary 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 realising the Oman Vision 2040.


In his address, His Majesty emphasised the importance of developing the laws and legislations in line with the requirements of the current and future stages, Al Maawali said.


Al Maawali touched on a number of local challenges that have 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.


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