The Outer

Economists: Oman’s 2024 budget is comprehensive, balanced, flexible, and looks to the future

By Manal Abdel Fattah

The economic indicators announced by the Omani Ministry of Finance during the media meeting it held on the occasion of reviewing the features of the state’s general budget in 2024 confirmed that the wise financial policy directed by Sultan Haitham bin Tariq had paid off, and that balanced and disciplined financial policy was able to reduce Public debt, in relation to The gross domestic product, at a rate of up to (50%) by the end of 2023, reaching (35%) instead of (70%) of the gross domestic product in 2020, which is a step that enhances sustainable financial performance and works to achieve more financial surpluses, which He moved to enhance social spending, stimulate economic growth, and manage the lending portfolio, in addition to further reducing public debt.

Economic experts confirmed that the 2024 budget was balanced, flexible, and adapted to various local and external economic conditions, responding to many of society’s aspirations and needs, and was characterized by comprehensiveness in its current and future programs and projects, and in its directions, it took careful consideration of society’s needs and social, economic, and developmental demands by approving financial allocations. It amounts to 4.8 billion Omani riyals to improve the standard of living through a wide range of direct and indirect projects in the housing, health, education and service sectors, in addition to enhancing the level of per capita income by adopting promotions, supporting the electricity and water sectors, providing job opportunities, diversifying sources of income and other programs. Which brought great satisfaction to the 2024 budget in economic and societal circles.

Economic experts and analysts praised the importance of focusing the new budget on economic programs by paying attention to investment and strengthening the state’s financial resources, and investing in the vital sectors and opportunities targeted in the Oman Vision 2040 and the tenth five-year plan, with greater attention to implementing basic service and investment projects, in addition to postponed projects. In the government’s programs and agenda, especially with regard to public services such as roads, health, education, electricity, and water, for which the government has allocated financial funds that meet the requirements of these sectors of basic and major projects, according to their priority and importance.

The 2024 budget also attached importance to achieving financial and economic stability by balancing the volume of revenues and spending, and controlling the fiscal deficit to be within safe limits, with the government’s interest in reviewing many policies, which was an important element that raised its ranking in international economic indicators, which praised those policies. The efforts and ability of the Sultanate of Oman to address many of the financial and economic problems that were hindering the growth process, most notably the public debt, which decreased at significant rates to reach 15.2 billion Omani riyals, and to reduce the cost of public debt, and the measures taken by the government to address irrational spending for many The fields, sectors, and structure of state institutions that have enhanced the level of performance and productivity in their various services, despite everyone’s aspiration for further development and modernization in those services and facilities.

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