Financial Sustainability programme from January

During the first and second phases, existing initiatives will be completed, with special emphasis on initiatives and measures that are quick to implement and have a direct impact on the fiscal situation.

The third phase of the programme, which begins in the third quarter of 2023 and continues until 2025, will capitalise on initiatives and projects endorsed by the supervisory committee. The overall aim is to achieve the strategic objectives the programme, with arrangements to follow up workflow of the programme and rectify its course as needed.

The programme will focus on several themes, including the development of the business system policy to realise government and private financial institutions’ contribution in economic and investment programmes and meet the objectives of Oman Vision 2040. Other goals of the programme include reviewing legal aspects to streamline the operation of the financial sector so that they could fit with the needs of the desired transformation.

The programme also seeks to raise the efficiency of the capital market, augment financial liquidity rates and opportunities to attract investments. It will be a true enabler of the national economy. It will utilise the concepts of financial amplitude and modern financial technologies to raise the capabilities of the financial sector - both the banking sector and the capital market sector. It will also drive home the concept of insurance through the application of global standards based on the most successful experiences in the field of modern finances, thereby realising connectivity with regional and international financial and business institutions.

The programme will lay emphasis on motivating institutions operating in the financial sector with the aim of establishing a competitive environment distinguished for fairness and transparency. It will develop funding portfolios that suit the needs of investment projects of all kinds, as well as small and medium enterprises (SMES). It will also raise social awareness and enhance financial culture based on sound planning and active participation of citizens and civil society institutions. This is in addition to developing national resources to lead change in the financial sector.

Sultan bin Salim al Habsi, Minister of Finance, will chair the meeting of the supervisory committee of the National Programme for Financial Sustainability and Financial Sector Development. — ONA