State Council Discusses Draft State Budget for FY2024

State Council
State Council

Muscat: The State Council today discussed the report of the expanded Economic and Financial Committee on the draft state general budget for the fiscal year 2024, in preparation for returning it to the Council of Ministers, including the recommendations of the State Council and the Shura Council.

The discussions took place during the 2nd session of the 1st first convening of the council’s 8th term held under the chairmanship of  Sheikh Abdul Malik bin Abdullah Al Khalili, Chairman of the State Council, and in the presence of State Council members, and the Secretary General of the Council.

His Excellency said in his speech, “It must be taken into account that we are discussing the draft budget in light of the wise approach of His Majesty Sultan Haitham bin Tarik towards achieving the economic and social goals of “Oman Vision 2040”, and the national programs and plans in order to stimulate the recovery of the economy and enhancing financial performance, through financial measures taken to achieve financial sustainability, mitigate their effects on the national economy, and raise the credit rating.”

The Honorable Dr. Dhafer bin Awad Al-Shanfari, Chairman of the Economic and Financial Committee of the Council, delivered a statement by the Expanded Economic and Financial Committee on the draft general budget for the fiscal year 2024, in which he indicated that the committee based its review of the draft budget on the Council’s methodology in this aspect, saying, “It relied on considering the observations and visuals.” submitted by the honorable members, and included in the report according to the drafting approach based on consistency, flow, brevity, and non-repetition of ideas,” stressing in this context that the committee paid great attention to these observations and visuals.

The Chairman of the Expanded Economic and Financial Committee explained that the Committee, during the preparation of its report, saw the importance of focusing on the draft budget within the framework of macroeconomic policies on the one hand, and the objectives of the 10th Five-Year Plan and the “Oman Vision 2040” on the other hand, and concluded by providing detailed recommendations and visions in the six axes of the report presented in the session.

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