IMF praises Oman; says Vision 2040 key to growth

IMF praises Oman; says Vision 2040 key to growth

Muscat: The Sultanate of Oman has received a ringing endorsement from the International Monetary Fund (IMF) for its sound fiscal management, steadfast debt reduction efforts and a robust banking sector, as outlined in the recently released 2023 Article IV Consultation Staff Report.The IMF commended the Omani government's prudent spending policies, which have stabilised the budget deficit and laid the groundwork for long-term financial sustainability. This responsible approach has resulted in a projected decrease in Oman's debt-to-GDP ratio, showcasing the government's commitment to fiscal discipline.The report highlighted the resilience and strong capitalisation of the Omani banking sector, providing a firm foundation for economic growth and stability. This robust financial system fosters confidence among investors and businesses, paving the way for further economic expansion.The IMF projects a bright future for Oman's economy, anticipating a steady rise in GDP by 1.3 per cent in 2023 and 1.4 per cent in 2024. Moreover, inflation is expected to remain moderate, hovering around 1.2 per cent in 2023 and 1.7 per cent in 2024, ensuring price stability for consumers and businesses alike. The report further projects a healthy current account surplus of 2.8 per cent of GDP for both 2023 and 2024, reflecting a robust