Oman to study COVID-19, oil price impact on economy

Business Monday 29/June/2020 16:54 PM
By: Times News Service
Oman to study COVID-19, oil price impact on economy

Muscat: Oman’s State Council will conduct a study on the impact of the COVID-19 pandemic and the current oil prices have had on the country’s economy.
Permission for the body’s Economic Committee to carry out this study was granted by the State Council during its first annual session of its seventh term, led by Dr Yahya bin Mahfoudh Al Mantheri, the organisation’s chairman.
The council chairman at the start of the meeting, extolled the efforts of the Supreme Committee to deal with COVID-19. In this regard, he noted the high Royal interest of His Majesty Sultan Haitham Bin Tarik - May God protect him and preserve him - as he presided over several meetings of the Supreme Committee and followed up on the developments.
He said in praise of His Majesty, “May God be pleased with him - for the efforts exerted by health sector, security, military, volunteers and media and all sectors. We pay tribute and appreciation for their role in national action in bearing responsibility in pursuit of the desired return to normal life. We pray to the almighty to bestow His Majesty with good health and long life and grant Oman care and protection and eliminate its misfortune.”
Dr Yahya bin Mahfoudh Al Mantheri indicated that the meeting would be devoted to discussions on various proposals submitted by the council’s standing committees. He added that it also discussed and approved the Draft Budget for the Council for 2021, and reviewed the response of the Council of Ministers to the proposals submitted by the State Council, in addition to the reports submitted by the honorable members and the General Secretariat on the council’s work and activities.
Following that, the Majlis Ad Dawla discussed the proposal submitted by the Economic Committee on the study of “The stability of the Omani economy in light of the decline in oil prices and the pandemic of COVID-19”. Relating to this, Mohammed bin Abdullah Al Harthy, the head of the Economic Committee, explained that the committee considered the importance of studying the effects and challenges posed by the COVID-19 crisis and the declining oil prices on the Omani economy.
He added that focus was placed on the challenges of the macro framework, exchanging of views with the public and private sector to derive an integrated vision within the framework of the tasks of the State Council, as stipulated by the Basic Statute of the State, especially with regard to budgets and five-year plans, and to suggest amendments to laws. The State Council approved the study of the proposal, taking after into account the comments of its members.