Ministry of Finance announces measures to bolster Oman's economic stability

Muscat: The Sultanate of Oman's Ministry of Finance has announced preventive measures within this year's general budget to enhance financial management and mitigate potential risks, ensuring sustainable financial stability and efficient resource management.

Recognising potential threats to economic stability, including oil price volatility, geopolitical tensions, and climate change-related natural disasters, Oman has unveiled a comprehensive strategy for sustainable growth.

Key measures to mitigate these risks include diversifying income sources by expanding non-oil revenues and supporting innovative projects across various sectors. The government also aims to enhance financial efficiency through improved liquidity, fiscal planning, and sustainable financial practices.

Improving tax administration to broaden the tax base is another priority, along with increased investment in green economy initiatives like renewable energy and sustainable economic practices to build long-term economic resilience.

Finally, the strategy emphasizes developing effective monetary policy by enhancing existing tools, maintaining national currency stability, and strengthening confidence in the banking sector. These combined efforts aim to fortify Oman's economic foundation and maintain robust growth despite external challenges.