MUSCAT : A new report by KPMG International for Professional Services and Consulting stated that the Sultanate of Oman is witnessing an economic recovery and laudable reforms under the leadership of His Majesty Sultan Haitham bin Tarik.

The report, which was published by the Corporation on its website, stated that this is reflected in the decrease in the fiscal deficit, which was helped by the rise in oil prices, and the improvement in the credit rating, which is the result of the bold measures taken by His Majesty the Sultan in 2021 as part of the implementation of the tenth five-year plan, which represents the first phase of the executive plan. Oman’s Vision 2040.

The report stated that Oman’s priorities after the COVID-19 pandemic focus on developing the private sector, accelerating diversification and reducing the national deficit.

It pointed out that the Sultanate’s budget for the year 2022 indicates the progressive vision of the government in dealing with the situation.

The report stated that the Sultanate gives priority to achieving economic balance, by increasing the revenues of the non-oil sectors, rationalizing public spending, controlling the budget deficit, reducing public debt, and improving credit rating, while achieving sustainable growth through diversifying the economy and attracting more foreign investments.

Increasing the contributions of the private sector, in addition to achieving social welfare, by accelerating the pace of digital transformation, investing in sectors that provide jobs, providing social protection for groups in need, and allocating a national fund for emergency cases.

The report stated that the Sultanate is moving forward in providing jobs for job seekers, as the unemployment rate decreased from 2.9 percent to 2.5 percent. He explained that the volume of public debt in relation to the Sultanate’s GDP is expected to decline this year from 68 percent to 62 percent.