Emphasis on spending cut, social sectors in 2021 budget – Times of Oman

  • Date: 28-Jul-2020
  • Source: Times of Oman
  • Sector:Economy
  • Country:Oman
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Emphasis on spending cut, social sectors in 2021 budget – Times of Oman

Priority will be on implementing projects that serve the economic and social goals, while giving weight to operationalise the completed projects.

Muscat: With the emphasis on rationalising spending, reducing deficits and providing basic services such as health, education and social security services to citizens being among the top priorities, the Ministry of Finance has set the ball rolling for preparing the state's general budget for the fiscal year 2021.

In its circular for the state's general budget estimates for 2021, the Ministry of Finance has said that budget allocations should be in accordance with the financial framework of the tenth five-year plan (2021-2025) and the budget ceiling for each agency should not exceed the amended budget of 2020. Priority will be on implementing projects that serve the economic and social goals, while giving weight to operationalise the completed projects.

In addition, stress will be on the expansion of electronic transactions and the work related to giving approvals and permits will be curtailed. Alternative sources of income will be sought to finance some government projects and services.

The circular also lays emphasis on enhancing the partnership between the public and private sectors to accelerate the implementation of projects without disturbing financial balance at the macroeconomic