Important expectations from the International Monetary Fund for the future of the Omani economy | A homeland tweeting outside the flock

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The Sultanate of Oman welcomed the report of the International Monetary Fund for the Article IV consultations for the Sultanate for the year 2021, which comes with the conclusion of the Fund’s experts’ meetings with the Ministry of Finance, the Ministry of Economy, the Central Bank of Oman and a number of government and private agencies.

According to the official Oman News Agency, the International Monetary Fund praised the measures taken by the Sultanate to contain the health and economic effects caused by the “Covid-19” pandemic and the efforts made in the comprehensive immunization campaign, strengthening the business environment and supporting the affected economic sectors.

IMF forecasts for Oman’s economy

The fund expected the gradual recovery of economic activities in the Sultanate, with a growth of 1.5 percent in real non-oil GDP by the end of this year.

To reach 4 percent in 2026 and achieve a surplus in the state’s general budget.

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The fund also expects the Sultanate’s public debt to decline by 2026 to about 47 percent of GDP.

The fiscal consolidation and the rise in oil prices should contribute to reducing the current account deficit to 0.6 percent.

IMF experts

Fund experts believe that the measures to improve the government companies sector that the Sultanate has taken are in the right way and will contribute to enhancing the competitive element and increasing the efficiency of the use of public resources.

This makes it easier for state-owned enterprises to engage in privatization and partnerships with the private sector and enhances the level of transparency.

financial balance plan

The plans set by the government to benefit from renewable energy resources will have a positive impact in terms of attracting local and foreign investments, which will lead to creating more job opportunities.

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The International Monetary Fund called for the need to continue to strengthen the regulatory framework for fiscal and monetary policies, and to implement policies aimed at increasing productivity and labor market flexibility.

Encouraging the localization of investments and improving the business climate, as all of these measures will raise the competitiveness of the private sector in order to push the growth of non-oil activities in the Sultanate.

The Sultanate also confirms that it is continuing to implement the medium-term fiscal balance plan (2020-2024) and the economic stimulus plan, as approved, with the aim of achieving financial balance between public revenues and expenditures, in order to achieve financial sustainability and support economic growth.

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