Muscat: The World Bank has credited the Sultanate of Oman’s fiscal consolidation and public finance reform measures for rapidly putting back on rails the domestic economy after the turmoil unleashed by the global downturn and the COVID-19 pandemic.

The Washington DC-based international financial institution noted in particular the contribution made by the Medium Term Fiscal Plan (MTFP) – the centrepiece of the government’s fiscal reform programme – for strengthening Oman’s overall economic position and growth outlook.

“We support the authorities’ reform efforts under the MTFP, with the objective of transitioning the economy towards stronger and more sustainable growth,” said Issam Abousleiman, Country Director of the GCC Countries, Middle East and North Africa at The World Bank.

“The MTFP not only aims to achieve fiscal sustainability and macroeconomic stability but focuses on other key reform areas such as supporting economic growth and building a comprehensive social safety net. These reforms should strengthen the pace of economic growth by improving the business environment, creating a flexible and agile labour market, and attracting domestic and foreign investments.”

Source: Times of Oman