OMR1.2bn allocated for projects in 2022

Muscat: OMR1.2bn has been set aside by the Ministry of Economy for development projects for this year, according to Nasser bin Rashid Al Maawali, the Undersecretary of the Ministry of Economy.

Stressing that financial allocations for the development budget do decrease from time to time, depending on the financial and economic developments in the country, the undersecretary added: “The ministry has a matrix for evaluating and selecting development projects for 2022, which aims to enhance the efficiency of development spending.

“By using the matrix that is based on a solid scientific methodology that determines the criteria for the selection and quality of development projects, we can ensure the highest level of economic value and social return from liquidity allocated to the development budget.”

The various entities and institutions involved in development projects in Oman usually provide a list of projects they wish to implement. In accordance with the national priorities, available resources, and the criteria set in the matrix, the Ministry of Economy prioritises these programmes, in collaboration with the Ministry of Finance, and the financial balance programme.

The matrix used to evaluate development projects for 2023, however, has seen some updates. These include developing new criteria for project evaluation. Proposed development projects for 2023 that are put forward by government agencies will be evaluated and studied by six entities: the Ministry of Economy, the Ministry of Finance, the financial balance programme, the Office of Government Project Management, the General Secretariat of the Tender Board, and those relevant in implementing the project in question.

“The Ministry of Economy also takes into account the sectoral and spatial dimensions of development projects at provincial level, to make sure there is a balance between the two dimensions,” explained Al Maawali. “This will help support the restoration of the momentum of economic growth, and accelerate the pace of the growth of economic activities, through the implementation of priority development projects within an integrated time-frame, and a regulatory framework that achieves balanced and comprehensive development.”

As part of economic development initiatives, Madayn is also working on 30 projects distributed over 11 industrial cities in Oman.