MUSCAT: Tough policy measures introduced by the government are necessary to revive the country’s economy, a top Ministry of Finance official said.
Nasser bin Khamis Al Jashmi, Secretary General for the Ministry of Finance who supervises the medium-term fiscal balance said recent measures taken by the government was to avoid large implications on the economy and people.
“There is no doubt that it has social and economic impacts, but if these measures have not been taken the damage to the economy and those with limited income will be very large. The team has studied all alternatives and developed several scenarios before implementing this,” Al Jashmi said on Oman TV.
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According to Al Jashmi, the accumulated deficits of the country in 2019 exceeded OMR 20 billion.
He said the deficit, high indebtedness and low credit rating have led to great financial challenges, “and therefore the fiscal balance plan was prepared.” he added.
