Challenges to diversification of income sources analysed

MUSCAT: Dr Abdul Aziz bin Abdullah al Dakhil, Chairman of AFG Development Plans in Gulf, delivered a lecture titled, ‘The challenges to diversification of sources of income in GCC countries’ on Tuesday. The lecture, conducted on the Oman Council premises, was attended by members of the State Council and Majlis Ash’shura.

The lecture provided an opportunity for the participants to know about the challenges that policy makers in the region are facing in adopting a comprehensive economic development plan for economic progress.

He discussed the impact on the national economies and the importance of formulating economic plans on the basis of three basic rules that enable economic, political and social advancements.

Dr Abdul Aziz touched on the principles of rationalisation based on the three basic rules to establish strategic workable decisions that bring political, economic and social advantages to the population.

The lecture concluded after a debate and answering of queries raised by the members. The questions focused mainly on building strategic plans mechanism to configure the Gulf community and the ability of GCC states to maintain reserve funds, and the importance of reforming the tax structure for the region’s economy and effectiveness of economic solutions for economic diversification to overcome the current economic crisis, in addition to economic and political pressures faced by governments and the effectiveness of economic plans.