Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

CBO highlights need for fiscal reforms to sustain growth  Join our daily free Newsletter

MENAFN - Muscat Daily - 28/06/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Muscat Daily) The government of Oman could prioritise fiscal-policy reforms aimed at the diversification, broadening and rationalisation of revenues, as fiscal sustainability is an important challenge in the long run, according to the Central Bank of Oman (CBO).

In its annual report released on Thursday, CBO said that fiscal sustainability, in the long run, is an important challenge that the government would be facing. ''Though the fiscal position remains comfortable, the fact remains that Oman depends to a large extent on hydrocarbon export revenues. In view of this, the government is focusing on prudent fiscal management. There is an attempt by the government in the 2014 budget to rationalise and control government spending to sustainable limits and at the same time improve the structure of non-oil revenues,'' the report said.

CBO said the challenge is to balance the current policy to sustain growth along with increased current expenditures in the light of social pressures. ''The government has to contend with several key challenges in terms of increasing employment opportunities for the young population, raising salaries and allowances and at the same time continuing with investment activities to augment growth. The current expenditures are mainly in the form of current consumption and are harder to reverse.''

CBO further said that the resources available with the government remain finite and also vulnerable to oil price fluctuations. ''The government could prioritise reforms aimed at diversification, broadening and rationalisation of revenues. There could be a case for reviewing the exemptions in various taxes and the new sources of revenue for the government. As the economy diversifies, areas which could earn revenues for the government could be identified,'' it added.

The CBO report added that there could be a need to mould the expenditure pattern in such a way that the benefits of higher oil and gas revenue are directed more towards sustaining the long-term growth prospects of the sultanate, rather than current consumption.

''The assumption with respect to projected increases in expenditure and revenue for 2014 appears to be conservative, which could be seen as a step towards fiscal sustainability. The emphasis is also on increasing domestic and foreign investment and promotion of public-private partnership,'' the CBO report s

 






  MENA News Headlines
 Aug 27 2014 - Arab BeverageJuice Industry Conference set in CairoArab News
(MENAFN - Arab News) The fourth session of Arab Beverage and Juice Industry Conference and Exhibition will be held on Sept. 2 in Cairo.The activities of the conference and exhibition will continue ...

 Aug 27 2014 - Oman Rail to begin the 1st phase of Sohar-Buraimi stretchMENAFN
(MENAFN) Under instructions from the Sultanate's government, Oman Rail Company has drawn up plans to implement the Oman National Railway project, Times of Oman reported.The plan envisions the ...

 Aug 27 2014 - The AU and the UN resolved to further strengthen their cooperation in support of ongoing efforts at development and stability in the Great Lakes RegionMENAFN Press
(MENAFN Press) NAIROBI Kenya August 27 2014/African Press Organization (APO)/ -- As part of the initial tour he is undertaking in the region Said Djinnit the Special Envoy designate of the ...

 Aug 27 2014 - Canada Concerned About Downing of UN Helicopter in South SudanMENAFN Press
(MENAFN Press) OTTAWA Canada August 27 2014/African Press Organization (APO)/ -- Foreign Affairs Minister John Baird today issued the following statement: 'Canada is concerned by reports that a UN ...

 Aug 27 2014 - Arrowstorm Entertainment Launches Kickstarter for New Fantasy EpicThe Christmas DragonMENAFN Press
(MENAFN Press) The Christmas DragonArrowstorm Entertainment offers advance DVDs and Blu-rays of upcoming film The Christmas Dragon via Kickstarter promising the world "a new Christmas classic."Salt ...

 Aug 27 2014 - Kuwait's crude oil exports to China hit 4-month highArab Times
(MENAFN - Arab Times)  BEIJING Aug 26 (KUNA): Kuwait's crude oil exports to China jumped 16.9 percent in July from a year earlier to a four-month high of 1.11 million tons equivalent to around ...

 Aug 27 2014 - Pacquiao won't 'waste time waiting' for MayweatherArab News
(MENAFN - Arab News) MACAU: Manny Pacquiao and Chris Algieri are on a two-week globe-trotting tour to promote their welterweight title fight in November but the match the world truly wants to see ...

 Aug 27 2014 - Boko Haram expands own 'caliphate' in NigeriaArab News
(MENAFN - Arab News) YAOUNDE Cameroon: Boko Haram militants have seized control of a Nigerian town after soldiers deployed there fled to take refuge across the border in nearby Cameroon police and ...

 Aug 27 2014 - Pakistan army chief PM Sharif discuss 'political situation'Arab News
(MENAFN - Arab News) ISLAMABAD: Pakistani Prime Minister Nawaz Sharif met the powerful army chief on Tuesday a source in his administration said as a political deadlock over mass protests for the ...

 Aug 27 2014 - Kuwait Energy wants to invest more in IraqMENAFN
(MENAFN) Despite unstable conditions in Iraq, Kuwait Energy announced it is very eager to invest more in the country due to its potential, Arabian Business reported.The company said that most of ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help