LatestOman News

His Majesty Sultan Haitham approves medium-fiscal balance plan

TAS News Service
October 22, 2020 10:37 am

MUSCAT : His Majesty Sultan Haitham bin Tarik has approved the medium-fiscal balance plan (2020-2024) that will ensure financial sustainability and reduce public debt, Oman News Agency said on Thursday.

His Majesty also directed authorities to build an integrated national system of social protection, with the aim to safeguard low-income and social security families from any impacts of the fiscal plan.

His Majesty also ordered the implementation of development projects in various governorates, worth OMR 371 million to stimulate the economy.

According to the details received, the fiscal plan aim at laying the foundations for the “financial sustainability of the Sultanate, reducing public debt, raising the efficiency of government spending by directing it towards national priorities, increasing government income from non-oil sectors, strengthening the financial reserves of the state and improving the return on investment of government assets,” ONA said.

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