Ministry of Finance reduces remunerations of Boards of Directors of Public entities and State-owned enterprises by 50 per cent

Muscat: The Ministry of Finance on Thursday issued Financial Circular No. 15/2020 stating a 50 per cnet reduction in bonuses and privilege dues of boards of directors of public authorities, public establishments and government firms and their affiliate committees with effect from fiscal year 2020.

The statement issued by the Ministry of Finance said that the circular (No.15/2020) came in implementation of the Royal directives stipulating financial measures to address the negative impacts of the current decline in oil prices, to provide proper liquidity by slashing spending and to reduce the State Budget’s deficit.

The Ministry of Finance urged all public authorities, establishments and firms to comply with the directives and, accordingly, undertake necessary action and procedures to amend their financial systems and regulations that are currently in force.