Muscat: Today, the State Council convened to review the report from the expanded Economic and Financial Committee regarding the proposed state general budget for the fiscal year 2025. This discussion is part of the process to forward the budget to the Council of Ministers, along with the recommendations from both the State Council and the Shura Council, in accordance with Article (52) of the Council of Oman Law.
The session was presided over by His Excellency Sheikh Abdulmalik bin Abdullah Al Khalili, Chairman of the State Council, and attended by esteemed members and the Secretary-General of the Council.
Opening the session, His Excellency the Chairman underscored the significance of the discussion, noting that the draft budget is in line with the financial framework of the tenth five-year development plan and "Oman Vision 2040." The primary objectives include boosting non-oil revenue growth, improving public spending efficiency, and continuing efforts to lower public debt levels to ensure financial sustainability and foster economic growth.
His Excellency Dr. Dhafer bin Awad Al Shanfari, Chairman of the Economic and Financial Committee, presented the committee's statement on the draft general budget for the fiscal year 2024. He emphasized the critical nature of this budget, as it marks the final year of the first executive plan for "Oman Vision 2040." This year serves as a pivotal assessment point for advancing economic and structural reforms, strengthening financial stability, promoting growth and diversification within the Omani economy, and adapting to rapid changes.
The expanded Economic and Financial Committee praised the government's initiatives over the recent period, which have led to the stabilization of public finances, an enhancement in the credit rating of the Sultanate of Oman, a reduction in the public debt-to-GDP ratio to approximately 34 percent, and a projected surplus of 1.8 percent of GDP in the state's general budget for 2024.
Following thorough discussions among the esteemed members, the Council endorsed the report from the expanded Economic and Financial Committee regarding the draft general budget for the fiscal year 2025. The session concluded with a review of the General Secretariat's report on the Council's activities.
