IMF hails progress in Oman Vision 2040 implementation

IMF hails progress in Oman Vision 2040 implementation

The sultanate has made 'substantial progress' in diversifying its economy and implementing Oman Vision 2040, according IMF.Muscat – The sultanate has made ‘substantial progress’ in diversifying its economy and implementing Oman Vision 2040, according to International Monetary Fund (IMF).

The IMF has taken cognizance of Omani authorities’ ‘decisive actions’ through a multi-pronged diversification agenda, including significant investments in renewable energy, green hydrogen and a national strategy for a smooth transition to net-zero emissions.

In its staff report on the Article IV Consultation on Oman released on Monday, the IMF stated, ‘Oman has made substantial progress in strengthening its fiscal and external positions and implementing Oman Vision 2040. Sustained efforts to implement Oman Vision 2040 are progressing.

‘Underpinned by Oman Vision 2040, efforts to strengthen the social safety net, energise labour markets, build fiscal frameworks, overhaul the state-owned enterprise sector, enhance the monetary policy framework, and further develop the financial sector are ongoing.’

The IMF highlighted the fact that Oman’s diversification efforts have yielded significant results over the past two decades. Going forward, maintaining the reform momentum will be crucial for building resilience and enhancing prospects for more inclusive, diversified and sustainable growth.

‘Oman has made progress in diversifying its economy, although non-hydrocarbon growth has remained