IMF praises fiscal steps taken by Oman

Muscat: A team of International Monetary Fund (IMF) visited the Sultanate of Oman to help draft the medium-term fiscal framework and the State Budget.

The International Monetary Fund mission lauded the Oman government’s efforts and the financial and economic measures taken to control spending and cut down public debt ceiling.

Nasser Khamis Al Jashmi, Secretary-General of the Ministry of Finance, chaired IMF mission’s last meeting in the Sultanate of Oman to view a technical advice report and present IMF’s observations after the mission’s visit to the departments concerned.

During its visit, the IMF mission met finance specialists of the ministry and other institutions.

The visit also sought to evaluate practices on preparing and following up the implementation of the medium-term fiscal framework. It also provided advice on how to integrate this framework into the process of drafting and implementing the State Budget.

The meetings also touched on standard steps to prepare the State budget, its legislative framework, its key parameters and the financial systems used in planning, preparing, implementing and following up the budget process.

The mission also discussed financial statements and annual financial reports of the Sultanate of Oman, in addition to assessing the fiscal risks involved.