Oman’s economic stimulus plan aims to support economic recovery efforts and augment national economy performance

Muscat: The “economic stimulus plan which aims to support economic recovery efforts and enhance the performance of the national economy” seeks to address the economic effects of Covid-19 pandemic, by setting up appropriate mechanisms and procedures to ensure a speedy recovery of economic activities to ensure fast economic growth rates.

Since October 2020, the Ministry of Economy has set up a working group to develop policies and programs to stimulate the Omani economy. MoE also joined hand with various relevant authorities, obtained the insights of academics, experts, businessmen and those interested in economic affairs, shared foreign experience related to enhancing economy and introducing stimulus packages that were designed to ensure economic recovery.

The plan concluded with the proposal of a set of direct measures (each entity engaged in the implementation will announce the details later)

The procedures are related to the following:

1,Taxed and Fees

2,Business and investment environment

3,Labour market and employment incentives

4,Electricity sector and their tariffs incentives

5,Central Bank of Oman incentives to banking sector.

These measures are expected to contribute to;

Recovery of the local market

Stimulating small and medium enterprises

Enhancing efforts to improve the business environment

Attracting more investments

Stimulating the enterprises active in the economic diversification sectors that were identified in the tenth five-year plan (2025-2021)

Protecting several institutions from exiting the market due to the current temporary economic and financial effects