Review of draft state budget

The meeting reviewed growth indicators for all sectors of economic diversification during 2022 in various development sectors

MUSCAT: The Ministry of Finance and the Ministry of Economy reviewed the draft state’s general budget for 2023 before the State Council while hosting Sultan bin Salim al Habsi, Minister of Finance, and Dr Said bin Mohammed al Saqri, Minister of Economy, in the presence of Shaikh Abdulmalik bin Abdullah al Khalili, Chairman of the State Council.

The meeting touched on several topics that covered developments in the global economy, as well as developments in the local economy for 2022. The meeting also reviewed growth indicators for all sectors of economic diversification during 2022 in various development sectors.

The under-secretary of the Ministry of Finance gave a visual presentation during which he reviewed the financial and economic indicators of the country, the efforts made by the government to improve them, the draft state general budget for 2023 and its details, in addition to the Fiscal Balance Plan.

The meeting concluded that the most important pillars of the state’s general budget for 2023 represented in providing support to the recovery of economic activity, continuing to achieve national benefits by cutting down the state’s public debt, paying loan installments and gradually reducing them.

The meeting also underscored the importance of the government’s continuous commitment to the financial measures that ensure financial sustainability, in addition to channelling part of the surplus to increase the financial liquidity of development projects and accelerate the awarding and implementation of projects during the 10th five-year plan (20212025) in various development sectors.