Muscat: The Ministry of Finance of the Sultanate of Oman has introduced precautionary measures in this year's general budget aimed at improving financial management and reducing potential risks, thereby ensuring sustainable financial stability and effective resource allocation.
In light of potential threats to economic stability, such as fluctuations in oil prices, geopolitical uncertainties, and natural disasters linked to climate change, Oman has launched a comprehensive plan for sustainable development.
To address these risks, key initiatives include diversifying revenue streams by increasing non-oil income and fostering innovative projects across multiple sectors. The government is also focused on enhancing financial efficiency through better liquidity management, fiscal planning, and sustainable financial practices.
Another critical focus is on improving tax administration to expand the tax base, alongside boosting investments in green economy initiatives, including renewable energy and sustainable economic practices, to foster long-term economic resilience.
Ultimately, the strategy underscores the importance of developing effective monetary policy by refining existing tools, ensuring the stability of the national currency, and bolstering confidence in the banking sector. These collective efforts are designed to strengthen Oman's economic framework and sustain robust growth in the face of external challenges.
