Oman: Budget 2021 to create jobs, target financial stability

Oman: Budget 2021 to create jobs, target financial stability

Therefore, the Government took a set of measures to mitigate economic impacts and to stimulate the economic activity besides taking measures to control spending and maintain liquidity.The Minister of Finance Sultan bin Salem Al Habsi reaffirmed that the General Budget of the State 2021 has been prepared in line with the priorities of Oman Vision 2040 and within the financial framework of the 10th Five-Year Plan (2021/2025). In an interview to Oman News Agency, the Minister said that a package of initiatives have been taken to improve the financial performance and its sustainability for 2021. The steps include implementation of the medium term plan initiatives (2020-2024), a study on preparation of the framework of the Public Debt Law and initiation of the common treasury account among other initiatives.He said that the medium term fiscal balance plan (2020/2024), ratified by His Majesty Sultan Haitham Bin Tarik, aimed to achieve financial sustainability and balance between the public revenues and spending by the end of 2024. The financial impact of the actions taken in the fiscal balance plan in 2020 amounted to savings of OMR1.4 billion for both the revenues and spending, he said, adding that the financial impact for the actions to