MUSCAT, DEC 11
As the National Programme for Fiscal Sustainability and Financial Sector Development, commonly known as 'Estidamah,' approaches the conclusion of its second development phase (Q3-2023 to the end of 2023), the program remains steadfast in its commitment to advancing Oman's financial landscape.
In a recent workshop held in collaboration with the British Growth Fund (BGF), 'Estidamah' brought together key stakeholders, including Nasser bin Khamis al Jashmi, Secretary General of the Ministry of Finance, and CEOs of local banks, for a meaningful exchange.
With the imminent conclusion of this development phase, the workshop aimed to underscore achievements and set the stage for the next steps. One of the focal points was strengthening competitiveness within the banking sector.
The emphasis persisted on designing financing options that not only address the diverse needs of businesses but also contribute to the expansion of the overall finance market. Stakeholders explored strategies and potential collaborations, laying the groundwork for sustained economic growth.
Simultaneously, the workshop delved into innovative financial solutions tailored for small and medium-sized enterprises (SMEs). Recognizing the role SMEs play in economic growth, discussions centered on collaborative efforts with local banks to devise and implement groundbreaking financing options. The aim is to empower SMEs, fostering an environment where they can thrive and significantly contribute to Oman's economic fabric.
The timing of the workshop is significant, given the program's impending transition from the second development phase. As the period draws to a close, the focus on strategic collaboration aligns with the broader vision of fiscal sustainability and sectoral growth. 'Estidamah,' steering Oman through this critical phase, underscores its dedication to achieving comprehensive and sustainable development in the country’s financial sector.
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