MUSCAT: The COVID-19 pandemic created new challenges for the national economy including the industrial sector, a top government official said.

His Excellency Dr. Saleh bin Saeed Massen, Undersecretary of the Ministry of Commerce and Industry and Investment Promotion for Commerce and Industry said the pandemic has forced to create a broader road map for the economy.

“The Covid-19 pandemic has created new challenges facing the national economy in general and the industrial sector in particular, and we are obliged to look at them in greater depth and with a broader thought to develop a road map to reduce its impact,” he said.

“All the proposals put forward by industrialists at the conclusion of a workshop organized by the ministry will be reflected in the form of practical initiatives, according to a methodology that we see as more transparent and more relevant to the industrial sector,” Dr. Saleh said.

Meanwhile, Oman’s revenues climbed 13.9 per cent to OMR 6.331 billion during the first eight months of this year ending August 2021.

Last year, during the corresponding period, Ministry of Finance reported OMR 5.554 billion. Interestingly, the budget deficit also dropped significantly by 46.3 per cent to OMR 1.052 billion this year, down from OMR 1.957 billion for Jan-August 2020. However, the total expenditure grew by 1.7 per cent to OMR 7.382 billion this year.

Meanwhile, S&P Global Ratings said it had revised its outlook on Oman to positive from stable due to higher oil prices and fiscal reform plans. The ratings agency affirmed Oman’s ‘B+/B’ long- and short-term foreign and local currency sovereign credit ratings.

“Economic and fiscal pressures on Oman are easing, as the effects of the sharp drop in oil prices in 2020 and the COVID-19 pandemic abate,” S&P said in a statement.