Economic Committee discusses Economic Challenges and Future for Oman’s Economy

The Economic and Financial Committee of the Shura Council met a delegation from the International Monetary Fund (IMF) to discuss the latest economic, financial, and monetary developments in the Sultanate of Oman, as well as the expected challenges and risks for the coming year. The meeting also focused on the effectiveness of financial reforms, ongoing fiscal consolidation efforts in line with the Financial Balance Plan, and initiatives to promote financial sustainability, alongside the development of the financial legislative framework. The meeting discussed addressed efforts in economic diversification and the strengthening of key non-oil sectors, as well as updates on Oman’s implementation of its social protection system. Additionally, the meeting touched on several structural reforms and national initiatives under Oman Vision 2040, which are expected to enhance the country’s economic and financial performance in the years ahead.

During the meeting, members of the committee gave their questions and comments regarding the IMF’s report on Oman, as well as discussing various economic, financial, and monetary challenges.

The meeting was chaired by H.E. Ahmed Said Al-Sharqi, head of the Committee, and attended by and in the presence of their Excellencies members of the committee.