Muscat: The Ministry of Finance stated that the first phase of the “National Programme for Financial Sustainability and Development of the Financial Sector will start in accordance with the royal directives of His Majesty Sultan Haitham bin Tarik from the beginning of next January until the end of the second quarter of the same year.
The Ministry stated to Oman News Agency that the programme aims to study the current situation of the financial sector, diagnose the most important challenges associated with it, prepare for workshops and specialised laboratories to set strategic goals, and propose solutions, initiatives and projects to be implemented.
While the second phase of the programme will start during the period from the beginning of the third quarter of 2023 until the end of the same year, during which work will be done with all relevant governmental and private entities to agree on the implementation plan, time stages and the expected impact of initiatives and projects related to the development of the financial sector.
During the first and second phases, the work of the existing initiatives will be completed, and the initiatives and procedures that are quick to implement and have a direct impact will be completed, while the third phase of the programme - which begins in the third quarter of 2023 until the end of the programme in 2025 - will implement the initiatives and projects approved by the supervisory committee. To achieve the strategic objectives of the programme while following up the progress of its work and correcting its course as needed.
The programme will focus on several axes, including developing the policy and business system in the financial sector to achieve the effective contribution of government and private financial institutions in economic and investment expansion programmes; To achieve the objectives of “Oman’s Vision 2040” and review some legal and legislative aspects to develop and facilitate the financial sector’s business; To suit the requirements and needs of the required transformation.
The programme will work to raise the efficiency of the money market and the rates of financial liquidity, and the opportunities to attract investment available through it while enabling it to be a true representative of the national economy, and to enhance financial inclusion and modern financial technologies to raise the capabilities of the financial sector in its two parts: the banking sector, the capital market sector, and insurance through the application of international standards. based on the best successful experiences in the field of modern financial technologies; To achieve interdependence with regional and international financial and business institutions.
His Excellency Sultan bin Salem Al Habsi, Minister of Finance, will chair the supervisory committee of the National Program for Financial Sustainability and Development of the Financial Sector, with the membership of Excellencies, heads of the Follow-up Unit for the Implementation of the “Oman 2040” vision, the Omani Investment Authority, the Central Bank of Oman and the Capital Market Authority, while the Secretary General of the Ministry will supervise Finance on the progress of the work of this program.