MUSCAT: The total financial allocations for Oman’s development projects in 2022 amount to OMR 1.2 billion, the Undersecretary of the Ministry of Economy said.
His Excellency Dr. Nasser bin Rashid Al-Maawali has stressed that the financial allocations for the development budget are reviewed from time to time, depending on the financial and economic developments in the country.
“The ministry has a matrix to evaluate and select development projects for the year. It aims to enhance the efficiency of development spending, through the use of the matrix based on a solid scientific methodology that determines the criteria for selecting development projects and their method. This ensures the achievement of the highest level of economic value and social return from the liquidity allocated to the development budget,” the Undersecretary said.
His Excellency said that various authorities and institutions usually provide a list of development projects that they wish to implement. The Ministry of Economy then sets the priorities of these projects in accordance with the criteria set in the matrix and based on national priorities and available resources in cooperation with the Ministry of Finance and the Financial Balance Program.
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His Excellency pointed out that the matrix for evaluating the priorities of development projects for 2023 witnessed some updates, by introducing new criteria for evaluating projects.
Various government agencies must submit a list of proposed development projects for 2023. These proposals are studied and evaluated by a committee formed from 6 different entities, namely: the Ministry of Economy, the Ministry of Finance, the Financial Balance Program, the Governmental Projects Management Office, the General Secretariat of the Tender Board, in addition to the concerned entity executing the project.
His Excellency Dr. Nasser bin Rashid Al-Maawali stressed that the Ministry of Economy, when selecting development projects, takes into account the sectoral dimensions – at the level of sectors – and the spatial dimension – at the level of the governorates.
This ensures a balance between the two dimensions, in a way that supports the restoration of the momentum of economic growth and accelerates the pace of growth of economic activities, through the implementation of priority development projects within an integrated time and organisational framework that achieves balanced and comprehensive development.
