Royal Speech Affirms Determination to Achieve Fiscal Sustainability, Motivate Economy, Improve Business Climate: Analysts
Muscat, 12 Jan (ONA)—Experts and economic analysts have underlined the significance of the recent Royal speech of His Majesty Sultan Haitham bin Tarik as a roadmap for the next stage of development.
This comes at a time the Sultanate of Oman is striving to achieve fiscal sustainability, stimulate the economy, improve the business climate, attract more investments, diversify sources of income and provide employment opportunities.
The analysts told Oman News Agency (ONA) that the Omani government’s dedication to plans of fiscal balance and economic stimulus produced positive results in record time. The outcome was a decline in public debt, an increase in revenues and the (positive) amendment of Oman’s credit rating in global rating agencies and the International Monetary Fund.
Dr. Said Mubarak Al Mahrami, member of the State Council and professor at the Sultan Qaboos University’s College of Economics and Political Sciences, said in a statement to ONA that the speech of His Majesty the Sultan about the improvement of financial indices reflects positively on the operation of the government and will consolidate investors’ confidence in the country.
Dr. Mohammed Humaid Al Wardi, an academic and economic analyst, said that the Royal speech touched on the challenges that faced Oman recently and economic indicators resulting from the twin impacts of oil prices slump and coronavirus pandemic. Despite the negative circumstances, Omani economy achieved positive indicators, among them 13% growth over the first nine months of 2021, Dr. Mohammed observed.
Dr. Khalid Said Al Amri, Chairman of the Board of Directors of Oman Economic Association, said that Oman came out unscathed from the unprecedented challenges of the past two years, thanks to the government’s ability to meet its obligations. The country is set to start a new phase of economic and fiscal improvement, he added.
Ali Hassan Moosa, CEO of Omani Banks Association, also commended the Royal speech which, he said, focused on improving social and economic life as designed in Oman Vision 2040.
He told ONA that the future vision of the Omani government underlines transparency in handling the current challenges and defining available opportunities for sustainable growth.