Oman’s Estidamah proposes 74 initiatives to boost financial sector

Oman’s Estidamah proposes 74 initiatives to boost financial sector

The National Programme for Fiscal Sustainability and Financial Sector Development ‘Estidamah’, supervised by the Ministry of Finance (MoF), announced a detailed plan on Monday to empower the financial sectorMuscat – The National Programme for Fiscal Sustainability and Financial Sector Development ‘Estidamah’, supervised by the Ministry of Finance (MoF), announced a detailed plan on Monday to empower the financial sector.

The initiative aims to bolster the financial sector, including banking, capital markets and insurance, thereby contributing to the economic and investment objectives outlined in Oman Vision 2040. It seeks to harmonise fiscal, monetary and economic policies effectively.

The comprehensive plan comprises 74 initiatives across six strategic pillars, supported by four enablers, with performance measured by ten strategic indicators until the end of 2025.

Nasser bin Khamis al Jashmi, Secretary General of MoF and Supervisor of Estidamah, emphasised that the plan is a continuation of the government’s concerted efforts to improve the economy. These efforts have yielded positive results, evident in the decline of the average oil break-even price in the state’s general budget and a reduction in public debt, alongside an improved credit rating.

Jashmi noted that Estidamah is a national programme, launched via a Royal Directive for the transition from fiscal balance to fiscal