MUSCAT: Majlis Ash'shura (Shura Council) is hosting Said Mohammed al Saqri, Minister of Economy during its 5th regular session of the first annual convening for the 10th term (2023-2027).

The Economy minister was involved in a discussion with members of the Council, where he mooted in his statement key areas of focus related to the nation's economic performance at the midpoint of the current five-year development plan.

The Minister highlighted the government's implementation of various policies and measures to achieve economic recovery during post-COVID-19.

These initiatives include launching economic stimulus packages, providing tax exemptions, offering low-interest rate financing, granting direct financial support to impacted institutions, and facilitating access to loans for projects.

According to the statement made by the minister, the Omani economy has further witnessed positive developments within the timeframe set by the government. Meanwhile, the first two years of the plan have seen remarkable growth of approximately 2.6% and 9.6%, respectively, with positive growth anticipated for the remaining period.

The Minister also addressed the government's proactive measures to safeguard the Omani economy from inflationary pressures. These strategies effectively maintained inflation within safe limits, despite the global average reaching around 6% in 2023. In contrast, Oman's inflation rate remained below 1% during the same period.

Additionally, the Minister underscored the critical role of the Ministry of Economy in navigating regional and international economic fluctuations. The Ministry actively pursues international collaboration and explores prospects for strengthened investment and economic partnerships.

Highlights included the following:

Assessment of Overall Economic Performance: The statement highlighted positive economic growth for Oman in the recent period, attributed to rising oil prices and government-implemented financial and economic policies. It further detailed various initiatives undertaken to stimulate non-oil sectors, including facilitating foreign direct investment procedures.

Mitigating the Impact of Regional and International Economic Developments: The statement emphasized the Ministry's commitment to monitoring regional and international economic trends, along with implementing necessary measures to lessen their potential impact on the Omani economy.

Evaluation of Economic Diversification: Progress towards achieving economic diversification was reviewed, underscoring the government's implementation of major investment projects across diverse sectors.

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