Shura to discuss 2024 draft budget next week

MUSCAT: The Majlis Ash’shura will discuss the state’s general draft budget for the fiscal year 2024 on Sunday.

Shaikh Ahmed bin Mohammed al Nadabi, Secretary-General of Majlis Ash’shura, said the council will convene its second and third ordinary meetings of the first annual session (2023-2027) on Sunday and Monday. The second ordinary meeting will be allocated to discussing the minister of finance’s statement on the financial and economic indicators of the state’s general draft budget for the fiscal year 2024.

The secretary-general of Majlis Ash’shura stated that it will be a secret meeting in accordance with Article (52) of the Council of Oman Law. He added that the statement will deal with several topics including: estimates of public revenues, public spending, public debt management, development budget estimates, the public debt situation and the state’s financial position. The statement will also discuss the government subsidy policies and the position of the government investments, economic diversification programmes, foreign direct investment, and privatization programmes.

Al Nadabi affirmed that the policies adopted by the Sultanate of Oman in the field of economic diversification, reducing public debt, enhancing and increasing development spending, promoting an attractive investment environment to stimulate the performance of the national economy and rearranging the priorities of sustainability and balance in the state’s public finances, have all contributed to the improvement of the macroeconomic indicators.

He added that the macroeconomic indicators of the national economy show enhanced economic growth reflected by the improvement of the country’s competitiveness Oman both regionally and globally. This trend is clearly seen in the performance of most economic sectors that are striding steadily towards achieving the economic goals of Oman Vision 2040.

The robust outcome from the national efforts were by His Majesty Sultan Haitham bin Tarik in the speech he delivered at the opening of the first session of the eighth term of the Council of Oman, in which he explained that the financial sustainability plan had a significant impact on maintaining the financial position of the Sultanate of Oman and raising the efficiency of spending. Besides, the national programmes launched in this regard contributed significantly to supporting economic growth and enhancing investment in promising sectors. All these results will certainly have a tangible and positive impact on the state’s general budget for the fiscal year 2024.