Oman’s Shura Council Discusses Draft State Budget for 2024 with Finance Minister

Muscat: Members of the Shura Council today held a non-public session during which they listened to the Finance Minister’s statement on the State’s draft budget for fiscal year 2024 (in accordance with Article 52 of the Council of Oman’s Law).

The statement of Sultan Salim Al Habsi, Minister of Finance, covered global economic developments, growth indicators of the Omani economy, expected outcomes of 2023 budget, salient features of the State’s general budget 2024 and related fiscal indicators.

The minister’s statement discussed public revenues, public spending, the current deficit, means of funding, the fiscal position and programmes to modernize public finances.

The discussions focused on the contribution of economic diversification drive to the public income and the government’s efforts to enhance the growth of the non-oil sector during 2024. It elaborated on promising development projects that the government intends to implement during 2024, as well as the status of some dormant projects.

The session touched on Oman’s latest credit rating indicators and their impact on investment opportunities within Oman and abroad, in addition to the ministry’s efforts to cut down the deficit and manage public debt during 2024.

The session laid emphasis on the need to give priority to some economic challenges due to their social consequences.

The discussion took place within the context of the Council’s second regular session of the first annual convening (2023-2024) of the 10th Term (2023-2027).

The session was held under the chairmanship of Khalid Hilal Al Ma’awali, Chairman of the Shura Council. It was attended by Sheikh Ahmed Mohammed Al Nadabi, Secretary-General of the Shura Council and members of the council.   -ONA