IMF hails Oman's steps to stop COVID-19 spread

Cairo: The IMF has praised the policies and precautions taken by Oman with regard to the coronavirus (Covid-19) pandemic and the current slump in global oil prices.
In its report about reactions of 193 countries to Covid-19 pandemic, the IMF pointed out that authorities in the Sultanate carried out a number of procedures to curb the spread of the virus.
The IMF referred to the Omani government’s announcement of a 5 per cent budget cut in view of the decline in oil prices that is conducive to a drop in government revenues. It highlighted Oman’s measures to enhance the economy.
The IMF added that Oman unfurled a set of procedures to ease pressure on the business community, including waiving fines and penalties linked to delayed disclosure of statements and permission to reschedule repayment of taxes and premiums (to be paid in instalments).
Last month, the Central Bank of Oman announced a raft of policies to immediately spur the financial sector through the pumping of additional liquidity to the tune of OMR8 billion ($20.8 billion). The procedures also included discounting interest on repurchase at a rate of 75 base points to 0.50 per cent and other incentives.