MUSCAT: Members of Majlis Ash’shura on Monday listened, in a closed-door session, to the statements of Finance Minister Sultan bin Salim al Habsi and Economy Minister Dr Said bin Mohammed al Saqri on draft projects of the State Budget 2021 and the 10th Five Year Plan (2021-2025).
The statements were reviewed during the Majlis third ordinary session of the Second Annual Sitting (2020-2021), of the 9th Term (2019-2023), headed by Khalid bin Hilal al Maawali, Chairman of Majlis Ash’shura.
Al Maawali said that, besides the budget and the 5-year plan, the session will review oil and non-oil revenues, estimates of general expenditure, the rates of economic growth, the financial position of the government (its financial and monetary policies), the volume of investment, rates of saving, the level of oil and gas production (along with expected prices next year), and programmes and projects scheduled to be carried out within the span of the 10th Five Year Plan.
He added that opinions will be exchanged on the two subjects (the Budget, the Plan), their supporting programmes and their basic economic and social goals.
This is in addition to criteria for prioritising development projects, global economic developments and the performance of the national economy under the decline in oil price and the recession in global economy due to coronavirus pandemic, and added that discussions will also cover the implications of global challenges to the national economy and the need to adopt a balanced financial policy.
Emphasis was laid on maintaining the financial sustainability of the State’s General Budget. It was explained that the drop in state revenues was caused by the slump in oil prices and the impacts of coronavirus (COVID-19) pandemic.
It was also stressed that the State Budget has to meet the need for services like education and health. Employment will be made in accordance with availability of financial resources and the need of government departments, it was agreed while the government will seek the generation of jobs for nationals in the private sector.
The Majlis members underscored the significance of revising the cost of oil and gas production, as well as the cost of electricity production and government subsidy to citizens.
The session also saw the presentation on an “urgent statement” from the Education and Research Committee on challenges of Blended Learning and Online Education/Learning amid the prevalence of COVID-19 and the impact of this approach on education in the Sultanate. — ONA
Oman Observer is now on the WhatsApp channel. Click here
