State institutions set to defend Oman’s economy

Wednesday 30th, December 2015 / 23:52 Written by
in Local
State institutions set to defend Oman’s economy

MUSCAT: In implementation of His Majesty Sultan Qaboos’s Royal directives on the need to continue meetings of state institutions, government officials concerned and chairmen of Oman Council bodies held a meeting here on Wednesday to discuss procedures and alternative ways to diminish the impact of oil prices slump.
In pursuance of these Royal directives and, with firm belief in the need for positive dialogue to formulate joint visions about all national action tracks, the Minister Responsible for Financial Affairs, the Minister of Commerce and Industry, who is also Deputy Chairman of the Supreme Council of Planning, and the Secretary-General of the Supreme Council of Planning held a meeting with the Chairman of the State Council and the Chairman of Majlis Ash’shura in the presence of members of the two councils’ executive offices and the chairmen of economic committees of the two councils.
The meeting reviewed a number of procedures to address the impact of the decline in oil prices with the aim of guaranteeing the sustainability of the State’s financial positions. The procedures include cutting down spending in the State Budget 2016, developing
non-oil revenues by increasing rates of taxes on the profits of companies, revising and increasing fees payable against some government services and revising the prices of petroleum products in a manner that corresponds to global prices of these products.
The meeting came within the context of the significance that the government attaches to the views, visions and remarks made by Oman Council, it was reaffirmed.
Emphasis was laid on the importance of rallying efforts to overcome all challenges that might obstruct the march of national action due the decline in oil prices and the subsequent impact on approved plans and programmes.
At the conclusion of the meeting, all sides underscored the significance of collaborating to alleviate the challenges that face the Omani economy so that
the Sultanate’s development march would advance in firm steps towards attaining the desired goals and
securing a better and more comfortable future.