By Manal Abdel Fattah
Today, Thursday, the Sultanate of Oman celebrates the fourth anniversary of the accession of Sultan Haitham bin Tariq, Sultan of Oman, to the reins of power.
This anniversary comes with the Sultanate achieving economic and investment growth that embodied the most prominent features of the past few years, which achieved an economic recovery that raised the Sultanate’s economic rating to an advanced level after translating the fiscal balance plan into a national reality that reduced the public debt of the Sultanate of Oman and achieved a rapid recovery that maintained the confidence of international investment institutions. He achieved national satisfaction in moving to another, more comprehensive stage for the economy and the citizen, and addressing some other aspects such as diversifying sources of income more broadly, continuing to reduce public debt, continuing the Tenth Development Plan (2021-2025) as hoped, and flexibly adapting to the “Oman 2040” vision with the participation of Various state institutions.
In his speech during the opening of the first annual session of the eighth session of the Council of Oman, Sultan Haitham stressed that “the continuous achievements achieved over the past four years in the path of comprehensive development have had the people of Oman’s primary role in it, in addition to the efforts of various state institutions, which have worked to implement the plans.” We have drawn its paths, according to a vision that aims, first and foremost, to advance the social sectors and preserve the gains that have been achieved.”
The Omani economy is achieving significant growth rates.
Since Sultan Haitham bin Tariq took over the reins of power until now, the Omani economy has witnessed remarkable growth in various economic fields and the achievement of financial surpluses in the state’s general budget. This contributed to directing additional financial revenues to enhance social spending, stimulate economic growth, manage the lending portfolio, reduce public debt, and develop governorates.
The financial measures and policies taken by the government, such as controlling public spending and improving non-oil revenues, contributed to a positive improvement in the state’s financial performance during the first three years of the tenth five-year development plan (2021-2025), raising the credit rating and future outlook of the Sultanate of Oman by international credit rating agencies, and attracting more investors. foreign investment.
Achieving financial surpluses
The preliminary results of the Sultanate of Oman’s financial performance for the year 2023 indicated achieving a financial surplus of about (931) million Omani riyals, compared to the estimated deficit in the state’s general budget of about one billion (300) million Omani riyals. The state’s public revenues also increased in 2023 to 12 billion and 213 million. Omani riyals, meaning an increase of about two billion (163) million Omani riyals compared to what was approved in the budget for the same year, while public spending recorded 11 billion and 282 million Omani riyals.
Estimates of credit rating institutions
The Sultanate of Oman advanced 10 places according to the 2023 Global Innovation Index report issued by the World Intellectual Property Organization, to rank 69th globally out of 132 countries evaluated according to 7 pillars, as the Sultanate of Oman achieved its highest performance in the human capital and research pillars and the infrastructure pillar.
The Sultanate of Oman ranked fifth in the Middle East and North Africa and ranked 50th internationally in the Government Readiness for Artificial Intelligence Index, advancing two places from its previous ranking last year. According to the Oxford Insights 2023 report.
Social Protection Umbrella and “Housing” Program
During his presidency of the Council of Ministers meeting, and in light of the start of implementation of the provisions of the social protection system at the beginning of the new year 2024 AD, Sultan Haitham bin Tariq stressed the importance of monitoring its performance and all its programs, and evaluating them continuously to accommodate social and economic changes and developments, by feeling the needs of citizens, especially the groups dependent on That system.
With the issuance of Royal Decree No. 52/2023 issuing the Social Protection Law, social protection benefits will begin to be provided during this January and one million and 467 thousand citizens will benefit from them, including 167 thousand citizens in the elderly benefit category, while the number of beneficiaries of the childhood benefit reaches one million and 300 thousand children. The Social Protection Program also provides monthly financial support to people with disabilities in the Sultanate of Oman whose conditions require care and support at a value of 130 Omani Riyals per month to overcome the challenges of disability, whether the causes of disability are from birth or as a result of an accident. Thus, the Sultanate of Oman has reached an advanced stage in developing… The social protection system includes financial benefits that benefit various segments of society. It constitutes a qualitative shift at the level of legislation and addresses many gaps in retirement programs and the social security system.
