Saturday 15 / February / 2025
Muscat: The Sultanate will start on Monday, January 11, a new year of its Renewed Renaissance march under the leadership of His Majesty Sultan Haitham Bin Tarik, who assumed power on January 11, 2020.
The Sultanate renews the sincerity and loyalty of the government and people of Oman to His Majesty the Sultan who is keen for Oman to be among the top growing countries of the world.
Besides, His Majesty is keen to protect the national interests of the Sultanate in pursuant to an unambiguous planning set forth in Oman Vision 2040, aimed at achieving qualitative changes in all spheres of life.
Since the first day of assuming power, His Majesty the Sultan has reaffirmed that he would seek to establish a new stage of sustainable development to meet further aspirations of the people of Oman and to preserve the achievements made during the past decades and to enrich the efforts extended for the country’s development.
During the past months, His Majesty the Sultan has taken a number of steps and procedures which have paved the way for the implementation of the Oman Vision 2040.
Kicked off in January 2021, it would continue for four consecutive development plans, starting from the Tenth Five Year Plan (2021-2025) aimed at achieving national objectives through execution of the proposed programmes, initiatives and projects within an integrated time schedule and regulatory framework.
The Tenth Five- Year Plan has been established on the mechanisms and programmes of economic diversification and the increase of contributions of the non-oil activities and targets an annual growth of 3.2 % in the GDP of non-oil activities.
The plan also focuses on promising economic sectors represented by the advanced-technology -based industries, agriculture, fisheries , agricultural manufacturing , food industries , transport and logistics among others.
The plan also targets an increase of the private sector’s contribution in the in-country value economic sectors along with the rising contributions of the SMEs.
To further cement “Oman Vision 2040”, His Majesty the Sultan has started measures and actions aimed at developing the Administrative Apparatus of the State Units and re-formation of the Council of Ministers to enhance the government performance.
Last October, His Majesty the Sultan ratified the medium -term fiscal balance plan (2020-2024) set by the Government. The plan aimed to achieve financial sustainability and fiscal balance by the end of 2024 and to pave way for Oman Vision 2024.
His Majesty the Sultan has also issued Royal Orders on execution of a number of development projects worth OMR371 million in the various governorates of the Sultanate.
The General Budget of the State 2021 has focused on sustainability of the basic social services and maintaining a level of spending in such services of not less than 40%.
To accelerate the pace of transformation to e-governance, His Majesty the Sultan has followed with the efforts accorded to this effect. His Majesty the Sultan has also issued directives on acceleration of execution of the national unified portal for government e-services.
On the other hand, the Ministry of Finance announced, on His Majesty’s directives, at the beginning of 2021, a number of facilities and incentives offered to the citizens and the private sector including the increase in the number of annual housing loans offered by Oman Housing Bank during 2021.
His Majesty the Sultan has also ordered the establishment of a Job Security Fund (JSF) with a personal finance from His Majesty of OMR10 million and has issued a Royal Decree No. 82/2020 endorsing the JSF System.
