Oman plans to set up early warning system for financial, economic crises

Oman plans to set up early warning system for financial, economic crises

Muscat: A national early warning system for financial and economic crises will be established in the Sultanate of Oman. The joint project is being done in close cooperation between the Korea Development Institute (KDI) and Oman’s Tawazun programme.

The Tawazun programme is the National Programme for Fiscal Balance, created by the Ministry of Finance in light of the fiscal challenges, and given the uncertainty in the future of oil prices. The Medium Term Fiscal Plan (MTFP) for the years 2020-2024 was developed with an overarching objective of achieving fiscal balance in the medium term.

On Tuesday, the Ministry of Finance, in cooperation with the Ministry of Economy and Finance and the Korea Development Institute, held a coordination meeting to discuss the conclusion of a joint programme.

The meeting was co-chaired by Nasser bin Khamis Al Jashmi, Secretary General at the Ministry of Finance, and Dr Woong Seob Zhin, Former Governor of Financial Supervisory Service of Korea and senior advisor of the project, and was attended by senior officials from both the nations.

During the meeting, the results of the final study and recommendations regarding the establishment of the national early warning system for the Sultanate of Oman were presented.

A simulation and forecasting system model