MUSCAT: The Capital Market Authority (CMA) hosted the introductory meeting on the National Program for Fiscal Sustainability and Financial Sector Development (Estidamah) which was announced upon the directives of His Majesty Sultan Haitham bin Tarik. The implementation of the program is supervised by the Ministry of Finance.
The meeting was attended by Nasser bin Khamis al Jashmi, Secretary General of Ministry of Finance and General Supervisor of the National Program, Shaikh Abdullah bin Salim al-Salmi, Executive President of CMA, and Sayyid Dr. Munther Hilal Bader al Busaidi, Deputy Head of the Vision 2040 Implementation Follow-up Unit and a number of officers from the CMA and those working on the program.
The introductory meeting targets executive presidents of the entities operating in the capital market and insurance sectors like Muscat Stock Exchange, Muscat Clearing & Depository, companies operating in securities including crowdfunding activity, investment companies and Oman Centre for Governance and Sustainability.
The meeting aims at specifying the role of capital market and insurance sectors in achieving the objectives that the program is implementing and it discussed the main challenges encountered by both sectors and the ways to overcoming them in which matches the targets of the program. The meeting also discusses the cooperation areas between the program, the sectors regulated by the CMA and the private sector; which is based on the national priorities of Oman Vision 2040.
Mahmood al Aweini, Director of Estidamah Program, emphasized that it is important that the role taken by the Omani capital market becomes even bigger in financing investment projects through the financing possibilities offered by the capital market in addition to the insurance market’s role in creating a safe investment environment that provides enough protection for the expected risks. These projects are centered in different economic sectors: tourism, industry, energy, mining, logistics, information technology, food security and other promising investment sectors targeted by the program since its launching on January 1st, 2023 to its ending in 2025.
During the meeting, the National Program for Fiscal Sustainability and Financial Sector Development was introduced together with its goals which are: studying the current position of the financial market and diagnosing the main challenges related to it, preparing workshops and specialized laboratories to set strategic goals and proposing solutions, initiatives and projects required to be implemented. The meeting also included a discussion session to diagnose the current situation, the main challenges in the capital market and insurance sectors and the cooperation areas to contribute to the success of the program.
Through its participation in the program, the CMA seeks to increasing the efficiency of the capital market and financial liquidity ratios, attracting the investment provided by this sector while enabling it to be a real representative of the national economy, and enhancing the financial inclusion and modern financial technologies to increase the capabilities of the capital market and insurance sectors. This is accomplished through applying the international standards which are based on the best successful experiences to achieve integration among financial institutions and regional and international businesses.
Estidamah focuses on motivating institutions operating in the financial sector with the aim of creating a competitive environment characterized by fairness, transparency, and seeks to developing different financing products that meet the needs of different investment projects and small and medium enterprises (SMEs), raising community awareness and promoting financial culture which is based on sound planning and active participation of citizens and civil society institutions, and building human capacities and national competencies to lead the change system in the financial sector to ensure the implementation of initiatives and the sustainability of the desired impact.
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