Budget 2021 to create jobs, target financial stability

  • Date: 02-Jan-2021
  • Source: Times of Oman
  • Sector:Economy
  • Country:Oman
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Budget 2021 to create jobs, target financial stability

Muscat:  Oman's 2021 Budget seeks to achieve fiscal sustainability, a stable economic growth, and reduce public debt besides creating new job opportunities in the private sector.Also, the Budget seeks to strengthen the role of private sector in the development process and has been prepared amid several challenges arising due to the COVID-19 pandemic and persistent low oil prices in the international markets. In addition to oil production cut in compliance with OPEC-plus deal and other geopolitical challenges. The implications of these challenges were reflected in the decline in public revenue, higher deficit, and payment of balance imbalances. 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