Majlis Al Shura hosted Darwish bin Ismail Al Balushi, Minister Responsible for Financial Affairs, Deputy Chairman of the Financial Affairs and Energy Resources Council, Dr. Ali bin Masud Al Sunaidy, Minister of Commerce and Industry, Deputy Chairman of the Supreme Council for Planning, and Sultan bin Salim Al Habsi, Secretary General of the Supreme Council for Planning, to discuss 2016 draft budget and draft 9th five-year plan (2016-2020).
At the beginning of the session, the Chairman of Majlis Al Shura delivered a speech on exchanging views on the draft 9th five-year plan 2016-2020, its main economic and social aims, priorities of the development projects, global economic developments, and the performance of the national economy and crude oil prices estimates in light of the sharp fall in oil prices in the world markets.
During the meeting, they also discussed the impact of this situation on the performance of the national economy, especially as the 9th five-year plan is the last plan of the Sultanate’s Vision 2020.
Minister Responsible for Financial Affairs, Deputy Chairman of the Financial Affairs and Energy Resources Council delivered a speech on the draft 9th five-year plan (2016-2020) and the draft budget for 2016, the priorities and the minutes of two drafts , the economic growth, the developments of the oil sector and the future forecasts, as well as the current and future budget estimates.
Afterwards, members of Majlis Al Shura discussed a number of issues that will be included in the draft 9th five-year plan and the draft state budget for 2016.
The remarks focused on the priorities and the minutes of two drafts namely to create job opportunities for the national manpower, development of education, training sector, increasing national efficiency, showing more interest among youth, enhancing the economic diversification through developing manufacturing, mining, fisheries and logistic services sector.
The meeting also discussed improving the standard of living of the individuals through increasing the growth rates of the national economy and enhancing the sustainability of the financial conditions by rationalising, reducing public expenditure and increasing non-oil revenues.
It also discussed the assumptions on which the state budget was made including the oil prices forecast, how to increase non-oil revenues and the polices related to this issue.
The session also touched on the policies and measures related to rationalising expenditure and its effect on the standard of living of individuals, as well as the forecast deficit in 2016 and how it will be financed.
Majlis Al Shura on Monday held its second sitting of its first annual session ( 2015-2016) of the 8th term (2015/2019) under the aegis of Khalid bin Hilal Al Ma’awali, Chairman of Majlis Al Shura.