Oman’s economy is in much better shape than recent IMF forecasts – IIF

  • Date: 30-Oct-2020
  • Source: Gulf Insider
  • Sector:Economy
  • Country:Oman
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Oman’s economy is in much better shape than recent IMF forecasts – IIF

Oman is making great progress in financial adjustment and structural improvements that will help reduce the impact of the COVID-19 pandemic on the economy, the Institute of International Finance (IIF) said on Wednesday.IIF said in a new report that the Sultanate has shown a strong financial response to maintain the resilience of the economy during the current crisis.The report pointed out that Oman 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 (VAT) and 5 per cent income tax in early 2021, which could generate about 2 per cent of gross domestic product (GDP) in additional