Muscat
The 14th session of the Economic Vision Forum, which commenced today, discussed financial sustainability and pathways to expand the national economy under the patronage of His Excellency Sheikh Ghassan bin Hilal Al-Hinai, Chairman of the State Financial and Administrative Audit Authority.
In his speech, Hatem bin Hamad Al-Tai, Editor-in-Chief of Al-Ru’ya newspaper, stated that financial sustainability and economic diversification compel us today to highlight the tangible achievements made through the successful implementation of the “Financial Balance” plan over the past four years. This was achieved through prudent financial spending and controlling various types of expenditures, as well as taking necessary measures to ensure an increase in the state’s general revenues and restoring investment credibility, which has led to an upgrade in Oman’s sovereign credit rating to its highest level in seven years.
He added that these results reflect a noticeable shift in the strategic thinking methodology aimed at adopting a financial sustainability approach, paving the way for our national economy to reach the highest levels of recovery and advancement. He pointed out that economic challenges often represent opportunities to make decisive and growth-stimulating decisions, contributing to deepening the economy.
He emphasized the importance of seeking bright opportunities in promising sectors such as tourism, fisheries, mining, and manufacturing, provided that these industries focus on increasing production and employing a larger number of youth in various jobs, while reconsidering the nature of investments and focusing on those that are attractive and capable of employing young people.
In conclusion, he called for serious, dynamic, and interactive thinking with developments to deepen the national economy, diversify income sources, and find the necessary funding sources for the growth of productive sectors and expand the production base. He noted that the entrepreneurship sector is fundamental to the growth of modern economies and contributes to stimulating the national economy, deepening the concept of sustainable community economics.
The forum, organized by Al-Ru’ya newspaper, aims to assess efforts to improve economic indicators and develop the financial sector in light of the objectives of “Oman 2040” vision, and to direct financial resources towards developmental projects with investment returns to enhance economic development and partnership between the two sectors to create a developed and vibrant financial sector that contributes to the GDP. Additionally, it aims to enhance initiatives to improve public financial indicators and develop the financial sector system to empower individuals and institutions to play their roles in various development pathways.
The forum focuses on enhancing the participation of the private financial sector to provide financing options directed at various categories, growing economic diversification sectors, and improving Oman’s positioning on international indicators.
The forum reviews efforts to diversify and improve financial discipline, plans for economic diversification, and expanding the production base to ensure stability, as well as government spending policies and internal and external borrowing pathways. It also addresses efforts to enhance fiscal space, broaden the tax base, and strategic plans and methodologies for balancing financial and economic policies according to development requirements.
The forum included sessions with the participation of several experts
