Officials and experts hail recovery of Oman’s economy | Oman time

Muscat: Officials and experts affirmed that the improved financial performance in the first quarter of this year confirms the recovery of the national economy after the general state budget achieved a financial surplus that exceeded 300 million of OMR, which reflects the efforts and measures taken by the government in this direction. , supported by rising oil prices on world markets. .

His Excellency Dr. Nasser bin Rashid Al Maawali, Undersecretary of the Ministry of Economy, said: “The improvement in the financial performance of the Sultanate of Oman at the end of the first quarter of this year reflects the efforts and measures taken by the government to ensure the sustainability of the financial and economic conditions, supported by the stability of the world average oil prices”, adding that the financial surplus will be allocated to stimulate growth.

His Excellency explained in a statement to the Oman News Agency that the economic and financial indicators of economic performance are very reassuring, and the improvement in the financial performance of the Sultanate of Oman indicates that the Omani economy is a recovering economy, and improved financial performance will help accelerate the revival of economic growth and accelerate the pace of growth of economic activities.

His Excellency said that the continued improvement in financial performance and the recording of a surplus in the general state budget during the first quarter of this year is a positive and very important factor in ensuring the realization of the plan. medium-term financial equilibrium for the period 2020-2024, in particular by directing the surpluses achieved in order to reduce the level of public debt and stimulate economic recovery and increased spending on priority development projects.

His Excellency pointed out that the opportunities for overall economic recovery have improved, especially for the sectors most affected by the pandemic, and on the other hand, the general state budget achieved a financial surplus at the end of the first quarter of 2022 of about OMR 357 million, compared to recording a financial deficit of OMR 751 million, during the same period of 2021, directly contributes to pumping liquidity to support the private sector and revive activity economic and commercial. During the first quarter of the year, the Ministry of Finance paid around OMR 146.4 million

contributions paid to the private sector.

His Excellency emphasized that in the short term, economic policy makers will be able to move from broader options to developing the basic economic infrastructure needed to stimulate private investment, accelerate the implementation of major development projects and create the optimal environment to attract more foreign direct investment as an investment for the economic gains made and the financial expectation.

His Excellency indicated that the increase in capital expenditure of about 131% in the first quarter of this year to about 150 million Omani riyals, compared to the first quarter of last year, directly contributes to the improving productive activities, increasing economic growth rates and providing job opportunities to citizens.

His Excellency the Undersecretary of the Ministry of Economy added: The current level of oil prices and increased production in the Sultanate of Oman has helped to accelerate economic recovery, with production averaging 1 025 barrels per day in the first quarter of this year, which will support growth rates in the oil sector, as indicated by the latest estimates from the International Monetary Fund and the Bank International GDP growth is around 5.6% this year, supported by oil and non-oil sector growth of around 8% and 2%, respectively, and this is the highest expected growth rate among GCC countries.

His Excellency said that the remarkable improvement in financial performance and the various measures taken by the Sultanate of Oman to improve the business environment prompted international credit rating institutions such as Standard & Poor’s (S&P) and Moody’s to improve their future prospects for the Sultanate, which is a positive factor that contributes to attracting more foreign investment.

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