HM The Sultan Approves Medium-Term Fiscal Balance Plan

Muscat, In reaffirmation of the pledge he made in earlier Royal speech-proclaiming his keenness to direct financial resources in an optimum manner and to place fiscal balance on top of the government’s priorities—His Majesty Sultan Haitham Bin Tarik has approved a Medium-Term Fiscal Balance Plan (2020-2024) devised by the government.

The plan includes a set of programs whose overall goal is to lay down foundations for financial sustainability in the Sultanate, cut down debt, raise the efficiency of government spending through prioritizing of financial action, increase government income from non-oil sectors, bolster the State’s financial reserves and improve revenues from government assets to enhance their capacity to address any financial challenges and to channel these revenues into the right course for economic growth and prosperity.

Within the context of this blessed Royal endorsement, His Majesty the Sultan has issued directives to speed up the establishment of a national integrated system for social assurance with a view to protecting low-income segments and Social Security Scheme families against any adverse impacts, as designed in the Plan’s measures and procedures.

The Royal orders also included the implementation of a number of developmental projects, to come up in different governorates, to the tune of RO371 million.

The Royal gesture reflects His Majesty the Sultan’s resolve to sustain support for financial activity and domestic development. The departments concerned will announce the details of the Plan and outline initiatives that it covers.

May the Almighty Allah protect His Majesty the Sultan and guard him as a precious resource for this country and its people! May He perpetuate Oman’s progress and prosperity!

Source: Oman News Agency