Tuesday 17 / December / 2024
Muscat: The State Council today discussed the report of the expanded Economic and Financial Committee on the draft state general budget for the fiscal year 2025, in preparation for returning it to the Council of Ministers accompanied by the recommendations of the State Council and the Shura Council in accordance with the provisions of Article (52) of the Council of Oman Law.
The session was held under the chairmanship of His Excellency Sheikh Abdulmalik bin Abdullah Al Khalili, Chairman of the State Council, and in the presence of the honorable members, and His Excellency the Secretary-General of the Council.
His Excellency the Chairman of the Council began the session by emphasizing the importance of this discussion, as the draft budget aligns with the financial framework of the tenth five-year development plan and the "Oman Vision 2040". The goal is to enhance the growth of non-oil revenues, raise the efficiency of public spending, and continue to reduce the level of public debt to achieve financial sustainability and economic growth.
His Excellency Dr. Dhafer bin Awad Al Shanfari, Chairman of the Economic and Financial Committee of the Council, delivered the statement of the expanded Economic and Financial Committee on the draft general budget for the fiscal year 2024 AD. He highlighted the importance of the draft general budget, as it comes in the last year of the first executive plan for the "Oman Vision 2040". This year is a crucial evaluation point to complete the path of economic and structural reforms, strengthen the financial position and financial sustainability, enhance the growth and diversification of the Omani economy, and keep pace with rapid changes.
The expanded Economic and Financial Committee commended the government's efforts during the past period, which witnessed the stability of public finances, the improvement of the credit rating of the Sultanate of Oman, the decline in the ratio of the public debt balance to the gross domestic product to about (34 percent), and the achievement of a surplus in the state's general budget of (1.8 percent) of the gross domestic product in 2024 AD.
After extensive discussions by the honored members, the Council approved the report of the expanded Economic and Financial Committee on the draft state general budget for the fiscal year 2025. The Council concluded the session by reviewing the report of the General Secretariat on the Council's activities.
