MUSCAT: As part of reducing the spending, the Ministry of Finance has decided to cut the bonuses and fees of Board of Directors by 50% across the government units.
In a circular issued by the finance ministry on Thursday noted that the bonuses and fees of boards of directors of public institutions, and government companies will be reduced by 50 per cent from the fiscal year 2020.
According to the circular, the decision is based on the directives from His Majesty Sultan Haitham bin Tarik.
Read More
- Nvidia CEO Jensen Huang steps down amid spy scandal and market loss
- LuLu Hypermarket Oman launches ‘Made in Oman’ promotion with grand festivities
- Oman unveils 111 food security projects worth over RO 100 million
- Oman signs RO 51 million shrimp farming deal in Al Wusta, targets 30,000 tonnes annually
- Oil prices rebound as shipping attacks fuel supply fears
“The bonuses of Board of Directors of public authorities, government companies and their affiliated will be reduced by 50% from from the fiscal year 2020,” a statement from finance ministry said.
Earlier, the government reduced its budgeted expenditure for the 2020 fiscal year by OMR 500m as it contends with the economic impact of lowered oil prices.
