'Ministry closely monitoring Oman's financial status'

Muscat: Nasser bin Khamis Al Jashmi, Under-Secretary of the Ministry of Finance, said the ministry, in coordination with the competent authorities, has continued to follow up and monitor the financial status of the Sultanate due to fluctuation in oil prices as the average price achieved is still low. It has not reached the estimated average oil price set in the budget of 2016. “We must continue to contain the size of spending and bring it to levels that are sustainable and in conjunction with the revitalisation of non-oil revenues and increase the proportion of its contribution to the total revenues of the state,” he said explained.
He told Oman News Agency (ONA) that the measures taken by the government at the beginning of the oil prices crisis contributed to reducing the effects of lower oil prices. He said it could be easily seen in the volume of spending, which the government managed to reduce from RO 15.1 billion in 2014 to less than RO 12 billion in the 2016 budget. “There were five promising sectors in the Sultanate identified in the 9th Five Year Plan such as tourism, mining, logistics, petrochemicals and fisheries,” he noted. “These sectors are of interest to the government, which allocated allowances both in the development budget or the current budget,” he said, adding that support is by facilitating private investment in these projects and not necessarily through government projects and support.
He said there are currently many investments in the Sultanate carried out by the private sector and the government will act as a facilitator and supporter to them. Al Jashmi affirmed that the government has plans not to influence as much as possible on the standard of living for citizens, particularly low-income families. He added that the current financial circumstances require everyone join hands and be a contributor and participant, albeit simple and partial at this current stage.