MUSCAT: The State Council and Majlis Ash’shura received Sultan bin Salim al Habsi, Minister of Finance and Dr Said bin Mohammed al Saqri, Minister of Economy, as part of the two councils’ study of the state’s draft budget for the fiscal year 2022, on Monday.
The members of the two councils were briefed about the details of the budget.
The under-secretary of the Ministry of Finance presented a visual display explaining the volume of oil and non-oil revenues, estimation of the general expenditure, the growth rate, the government’s financial position and its fiscal and financial policy, investment volume, the national saving rate, the level of oil and gas production and the expected prices and the projects and programmes that the government is plans to implement during the Tenth Five-Year Development Plan.
During the meeting the councils emphasized the need to strengthen the economic diversification programmes in order to sustain economic and financial stability and achieve the economic and social development goals.
The meeting addressed the issue of allocations for development in the governorates and their role in empowering the governorates in terms of investment and development.
Also discussed at the meeting was the issue of taxes and fees and their impact on the economic situation in the Sultanate of Oman and on the rates of economic competitiveness and attracting foreign investors.
