Oman: Finance, Economy ministries issue rules to prepare 2024 budget estimates

Oman: Finance, Economy ministries issue rules to prepare 2024 budget estimates

Muscat: The Ministry of Finance and the Ministry of Economy have issued Financial Circular No. (1/2023) on rules for preparing 2024 budget estimates.

The step comes in line with the implementation of national strategies and programmes of five-year development plans for achieving comprehensive development as per the goals of Oman Vision 2040.

The financial circular requires all ministries and government departments to prepare estimates for their respective budgets (current budgets and development budgets).

The government departments are expected to submit their proposed annual plan drafts that include the following: general goals and indices for accomplishing them, programmes and initiatives that achieve those goals, the proposed budgets set for them and the time plan for their implementation and criteria on which the 2024 budget estimates are designated, compared to the 2023 budget.

The departments are also required to present their medium-term plans in line with the respective revenue and expenditure schedules.

The circular stresses that all government units must submit the estimated budgets (current and development) for the fiscal year 2024 electronically, and enter the required budget estimates (revenues and expenditures) for existing budgets, the additional budget and the budget set for operating new projects. The budget estimates are required to be sent before the end