Muscat: The Sultanate has announced a Fiscal Balance Plan 2020-2024 that focuses on comprehensive initiatives to achieve sustainable levels of fiscal balance.

With the blessing of His Majesty Sultan Haitham Bin Tarik, the Ministry of Finance today announced the Fiscal Balance Plan 2020-2024 as indicated in the Council of Ministers’ statement issued on 22 October 2020.

The Plan seeks to achieve sustainable levels of fiscal balance by the end of 2024 and establish suitable conditions to support Oman Vision 2040.

The Plan includes initiatives, some of which already started to be implemented, while the rest will follow suit according to priorities and readiness.

An approach of gradual implementation of procedures will be taken into account to accommodate economic and social impacts resulting from the Plan once a comprehensive Social Security Scheme is endorsed in favour of low-income segments, with a view to protecting them against the effects of some financial policies.

The Plan’s announcement comes in response to the current circumstances dictated by the slump in oil prices and coronavirus (COVID-19) pandemic, both of which wreaked havoc on the global economy, causing record decline on demand for energy, which, accordingly, impacted various economic sectors.

The Fiscal Balance Plan will be published on the electronic website of the Ministry of Finance, in Arabic and English, so that it becomes accessible to all, from within the Sultanate and abroad.

By implementing financial initiatives and policies of this plan, the Sultanate seeks to avoid making deficits and relegating in its credit ratings.

In the meantime, it will work to achieve safe and attractive investment grades.