State Council discusses proposal to amend Economic Law

MUSCAT: The 14th regular session on Wednesday discussed the proposal submitted by the Economic Committee to amend the ‘Economic Development Law’ issued by Royal Decree No (9/75). The session, chaired by Dr Yahya bin Mahfoudh al Mantheri, Chairman of the State Council, was held in the presence of the Council members and the Secretary-General of the Council.
The Council decided to reformulate the proposal to be in the form of a proposed draft law to replace the current Economic Development Law.
Shaikh Mohammed bin Abdullah al Harthy, Head of the Economic Committee, said that the study of the proposal of Economic Development Law is one of the oldest laws governing the field of economic and social planning in the Sultanate, which has been prepared for a long time.
He added that the Committee considered to modify the study to comply with the provisions of Article 44 of the Basic Law of the State and to enable it to contribute to the achievement of the objectives of development.
He pointed out that one of the main objectives of the amendment of the Economic Development Law is to review the general provisions of the law.
A joint session of the State Council and Majlis Ash’shura today will resolve differences pertaining to articles of the draft law of Living Aquatic Wealth.