OCCI, IMF teams meet, discuss economy status

The IMF delegation’s visit aims to discuss with officials in the public and private sectors the economic and financial matters of interest to Oman

MUSCAT: Issues pertaining to economy and investment, including the new tax law that will be issued soon, were among those discussed at a meeting between officials of the Oman Chamber of Commerce and Industry (OCCI) International Monetary Fund (IMF) yesterday. The discussions were held when Eng. Ridha bin Juma Al Saleh, Deputy Chairman of the Board of Directors of Oman Chamber of Commerce and Industry (OCCI) for Administrative and Financial Affairs, met on Monday with a delegation of the International Monetary Fund (IMF), currently visiting the Sultanate.

The delegation’s visit aims to discuss with officials in the public and private sectors the economic and financial matters of interest to the Sultanate, as stipulated by the Article Four of the IMF Agreement and for the preparation of a report on the Sultanate’s economic and financial status.

Eng. Al Saleh said that the private sector should adopt a vision and strategy to diversify the base of the economy to counter price fluctuations in global crude markets and work with the Government in the other sectors on which the ninth five-year plan is based to expand and diversify sources of income.

Sectors

He pointed out that among those sectors are manufacturing industries, tourism and logistics, which will contribute significantly to increase income and contribute to the creation of job opportunities for job seekers. The meeting discussed new updates on the laws, such as the tax law and other laws that will be issued soon, as well as their role in the growth of investment and the economy in general.

By the issuance of new laws, which are incentive financial policies, they will provide economic freedom and contribute to open and expand the field to compete and enhance the status of the Omani market and make it one of the most important leading markets in the region, as well as enhancing its competitiveness and attracting investment.