Economic stimulus package to help Oman go a long way

Economic stimulus package to help Oman go a long way

Muscat: Locals and expatriates in Oman have welcomed the stimulus package to help the economy recover from the impact of the coronavirus pandemic. Announced by His Majesty Sultan Haitham Bin Tarik, the package contains a number of measures for both organisations and individuals that have had to face the brunt of the disease. They include tax exemptions for SMEs, hotels, and companies that have begun in 2021, activities related to Oman's economic diversification, a reduction in recruitment fees, setting aside OMR20 million to train jobseekers in the country so that they qualify for the labour market, postponement of loan repayments until September, for citizens affected by the pandemic, and long-term residency for foreign investors. Khalfan Al Touqi, an economic analyst in the country, said the economic stimulus package contained a number of excellent decisions at the right time, without which the national economy might have been worse affected by the pandemic. "These economic incentives, without exception, focus on all those affected by the pandemic," he said. "These include five main groups: small and medium enterprises, people who have been economically impacted because of the virus, industrial zones, businesses, and investors." "I believe that had these incentives not been taken, our