Muscat: The International Monetary Fund (IMF) commenced their annual set of meetings with Oman via their Mission which will be conducting a thorough review of financial needs and financial obligation of sovereign assets.

These meetings, conducted virtually, come under the purview of Article IV of the Articles of Agreement – signed between the IMF and its member states. According to this Article, IMF has the mandate to oversee the financial and overall economic development of its member states, allowing the international monetary system’s effective operation.

The opening session of the meeting was chaired by The Secretary-General of the Finance Ministry, Nasir Khamis al-Jashmi. Upon the conclusion of the series of meetings, The IMF will issue the economic and financial report for the country.

The scope of these meetings, which will be conducted over a duration of two weeks will conduct a thorough review of Oman’s developments in Macroeconomic spheres, the scope of the economy in the near future, the state’s response to the COVID – 19 pandemic, and preparations for the recovery period. Also, under the lens will be the proposed regulations, policies, and measures as listed in the “Medium Term Fiscal Plan” for 2021 – 2025.

In addition to the review of economic review – the agenda involves an overview of Oman’s funding and fiscal needs which includes, the management of sovereign assets which covers the financial obligations of state-owned firms and Energy Development Oman (EDO).