MUSCAT: Oman’s economy is recovering and the initial indicators of economic performance are very reassuring, according to His Excellency Dr. Said Al Saqri, Minister of Economy said.

“The economy is improving continuously, and the performance has increased during the first half of this year by 10 percent,” Al Saqri noted.

“The tenth five-year plan (2021-2025) will restore the momentum of economic growth and accelerate the pace of economic activities,” he said.

Al Saqri indicated that raising the efficiency of public financial management will help achieve and address the current economic conditions as a result of the drop in oil prices and the repercussions of the coronavirus pandemic.

“There are clear mechanisms to follow up on the implementation of the tenth five-year plan programs in particular, and there are 430 programs in the plan that are implemented by various authorities with follow-up indicators supervised by the Ministry of Economy,” he said.

The Minister pointed out that the tenth five-year plan seeks to achieve an average real growth rate in GDP in the range of 3.5 percent, “increase the contribution of the private sector in investment to reach about 60 percent, and increase the investment rate to reach about 20 percent of GDP.”

Al Saqri said the Fiscal Balance Program came in order to meet “the challenges resulting from the decline in oil prices, the collapse of public revenues, the high deficit, the increase in public debt and the low credit rating of sovereign loans.”

“What we are aiming is to maintain overall economic performance, including economic growth and the performance of economic sectors, and maintaining the purchasing power of the Omani riyal,” the Minister informed.

“The program was also aimed at restoring confidence in the performance of public finances, which is directly linked to the private sector, and improving financial performance, which leads to an improvement in the credit rating of sovereign loans,” he added.