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National Programme for Financial Sustainability to be implemented from January 2023

Oman Tuesday 22/November/2022 20:18 PM
By: ONA
National Programme for Financial Sustainability to be implemented from January 2023

Muscat: Following the directives of His Majesty Sultan Haitham bin Tarik, the first phase of the "National Programme for Financial Sustainability and Financial Sector Development" will start in the beginning of January 2023 and continue until the end of the second quarter of the same year, according to the Ministry of Finance.

In a statement to Oman News Agency (ONA), the ministry explained that the programme seeks to study the current position of the financial sector, diagnose major challenges, organise specialised workshops on drafting strategic goals and propose solutions, initiatives and projects to tackle the situation.

The second phase of the programme will start from the beginning of the third quarter of 2023 until the end of the same year. Action will be undertaken in coordination with government and private establishments concerned to agree on the implementation plan, timeframes and the expected outcome of initiatives and projects related to the development of the financial sector.

During the first and second phases, existing initiatives will be completed, with special emphasis on initiatives and measures that are quick to implement and have a direct impact on the fiscal situation.

The third phase of the programme, which begins in the third quarter of 2023 and continue until 2025, will capitalize on initiatives and projects endorsed by the supervisory committee. The overall aim is to achieve the strategic objectives the programme, with arrangements to follow up workflow of the programme and rectify its course as needed.

The programme will focus on several themes, including the development of the business system policy to realize government and private financial institutions’ contribution in economic and investment programmes and meet the objectives of Oman Vision 2040. Other goals of the programme include reviewing legal aspects to streamline the operation the financial sector so that they could fit with the needs of the desired transformation.

The programme also seeks to raise the efficiency of the capital market, augment financial liquidity rates and opportunities to attract investments. It will be a true enabler of the national economy.

It will utilise the concepts of financial amplitude and modern financial technologies to raise the capabilities of the financial sector—both the banking sector and the capital market sector. It will also drive home the concept of insurance through the application of global standards based on the most successful experiences in the field of modern finances, thereby realizing connectivity with regional and international financial and business institutions.

The programme will lay emphasis on motivating institutions operating in the financial sector with the aim of establishing a competitive environment distinguished for fairness and transparency. It will develop funding portfolios that suit the needs of investment projects of all kinds, as well as small and medium enterprises (SMEs). It will also raise social awareness and enhance financial culture based on sound planning and active participation of citizens and civil society institutions. This is in addition to developing national resources to lead change in the financial sector.

Sultan Salim Al Habsi, Minister of Finance, will chair the meeting of the supervisory committee of the National Programme for Financial Sustainability and Financial Sector Development.