Muscat: The newly-launched economic stimulus plan and the rules it brings into effect are expected to help Oman’s recovery efforts by creating a strong framework for addressing the effects of the pandemic on the nation’s economy.

This comes after His Majesty Sultan Haitham Bin Tarik approved a plan on Tuesday [March 9, 2021] to help support the economic recovery of the Sultanate with a series of reforms; one of which includes the addition of long-term residency status for foreign investors.

In an interview, Dr. Said Al Saqri, the Minister of Economy, was quoted as saying: “This [new law] will aid in restoring the and rebuilding the confidence of foreign investors – and that is currently one of the top priorities that we are working towards achieving.”

The Minister also stated that the economic stimulus plan has been instated to support the efforts of economic recovery within the framework of His Majesty’s keenness and concern to address the economic effects resulting from the pandemic.

He also added that setting up appropriate mechanisms and procedures will ensure the speedy return of economic activities and accelerated economic growth rates.

The Minister then went on to state that the plan establishes another economic start that is consistent with the directions of the tenth five-year development plan (2021-2025), which aims to focus on priority-driven goals concerned primarily with stimulating economic activities and developing the macroeconomic environment.