State Council, Majlis Al Shura review financial situation in Oman

Muscat: In implementation of the directives of His Majesty Sultan Qaboos bin Said to promote communication between state institutions and the coordination of efforts to reach a common vision on all the national courses of action, a meeting was held to address the decline in oil prices on the national economy by enhancing efforts aimed at diversifying sources of income, and the development of non-oil revenues to ensure the sustainability of the financial situation of the state.
The meeting was held within the framework of continuous coordination between the Council of Ministers and the Council of Oman in which Darwish bin Ismaiel Al Balushi, Minister Responsible for Financial Affairs, Dr. Ali bin Masoud Al Sunaidy, Minister of Commerce and Industry, Deputy Chairman of the Supreme Council for Planning, Sultan bin Salim Al Habsi, Secretary General of the Supreme Council for Planning met at the headquarters of the Council of Oman with the participation of Khalid bin Hilal Al Ma’awali, Chairman of Majlis Al Shura, members of the offices of the State Council and Majlis Al Shura, members of the State Council’s Economic Committee and Majlis Al Shura’s members of the Economic and Financial Committee.
The meeting stressed the need for concerted efforts of all parties to overcome the difficulties faced by the national economy, and to avoid any possible effects on the approved development plans and programmes by the decline in oil prices.
The meeting highlighted the importance of the observations made by the Council of Oman in helping to overcome the challenges facing the Omani economy, so that the process of development steadily moves forward to meet targeted goals.
The meeting affirmed to continue to take all necessary precautions and measures to address the current financial challenges.
At the conclusion of the meeting, the participants unanimously agreed that the next stage requires more coordination and cooperation between the two parties so as to contribute to the completion of the comprehensive development process and keep pace with the expectations of everyone.
Stressing the importance of maintaining the economic and social standard of living of the Omani citizen, it was decided to continue working on upgrading it within the framework of the royal keenness of His Majesty Sultan Qaboos bin Said on everything that would lead to the comfort and welfare of the citizens and prosperity of the nation.