Majlis refers 2017 budget plans to State Council
MUSCAT: Majlis Al Shura referred the 2017 budget plans to the State Council as per the state statute on Monday.
The State Council now has 15 days to review the budget and then report back to the Council of Ministers with its recommendations along with that of the Shura.
In a closed Shura session which hosted Darwish bin Ismail Al Balushi, Minister Responsible for Financial Affairs to discuss the 2017 budget, members highlighted the oil and non-oil revenues and the estimated expenditure. The Shura members also discussed the economic development and the financial plans of the government.
Majlis Al Shura held its 3rd regular session of the 2nd annual sitting (2016 - 2017) of the 8th term (2015/2019) under the chair of Khalid bin Hilal Al Ma’awali, Chairman of Majlis Al Shura.
It decided to refer the draft state budget for fiscal year 2017 to the State Council, after discussing the project with Darwish bin Ismail Al Balushi, Minister Responsible for Financial Affairs, Deputy Chairman of the Financial Affairs and Energy Resources Council.
The Majlis heard an adequate explanation by the minister about the draft budget. Members of Majlis, then, began thoroughly discussing the divisions of the budget.
The meeting focused on the volume of oil and non-oil revenues, spending estimates, rates of economic growth, financial position of the government and its monetary policy, the size of the savings versus investment rates, rates of oil production and prices expected during the next year.
Speech
The session began with a speech of Khalid bin Hilal Al Ma’awali, Chairman of Majlis Al Shura in which he said: “We will exchange views with the minister about the project, its foundations and key goals, including the social, economic goals, prioritising criteria for development projects, the overall global economic developments, the performance of the national economy, estimates of oil prices in the light of the decline in world markets, its effects on the performance of the national economy, the balanced financial policy it requires so that the national economy survive the disturbances of the world economy, what it takes to preserve the achievements of development and sustainability.”