Oman’s Economy In ‘Much Better Shape Than Recent IMF Forecasts’: IIF

Oman’s Economy In ‘Much Better Shape Than Recent IMF Forecasts’: IIF

The Institute of International Finance (IIF) affirmed that the Sultanate is making great progress in its financial adjustment and structural improvements that will help reduce the impact of the COVID-19 pandemic on the economy.

IIF said in a new report that the Sultanate has shown strong financial response to maintain the resilience of the economy during the current crisis.

The report pointed out that the Sultanate had begun a set of financial measures to deal with the repercussions of the coronavirus pandemic, as many ministries were reorganised or merged, with the aim of reducing spending.

Other new measures include spending cuts. The government also intends to introduce a value-added tax and 5 per cent income tax in early 2021, which could generate about 2 percent of GDP in additional non-hydrocarbon revenue.

“The Omani government