Quotes: 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

 


Muscat Daily




  MENA News Headlines
 Jan 29 2015 - HH the Emir Receives Phone Call from Ban Ki-moonQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani on Thursday received a phone call from the United Nations Secretary-General, Ban Ki-moon, during which he thanked HH the Emir on the ...

 Jan 29 2015 - Consumer spends on pharma products to increase to Dh5.03b by 2020Khaleej Times
(MENAFN - Khaleej Times) Dubai € Consumer expenditure on pharmaceutical products, medical appliances and equipment in the UAE has experienced a strong increase and is forecast to be valued around ...

 Jan 29 2015 - UAE- Time to put cyber security on top priorityKhaleej Times
(MENAFN - Khaleej Times) Kaspersky lab solutions block millions of attacks across the globe, which clearly indicates that cyber criminals are smart, but not smarter than security providers.This was ...

 Jan 29 2015 - Indian business council honours Emirati businessmenKhaleej Times
(MENAFN - Khaleej Times) Dubai - The Indian Business and Professional Council (IBPC) hosted a reception on the occasion of the 66th Republic Day of India at the Oberoi Hotel, Business Bay, on Sunday. ...

 Jan 29 2015 - UAE, Canada discuss ways to boost tradeKhaleej Times
(MENAFN - Khaleej Times) Abu Dhabi - Abdullah Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade, received a Canadian delegation led by Martin Zablocki, CEO of the Canadian ...

 Jan 29 2015 - Emirates NBD facilitates Stanbic in $85 million loan facilityKhaleej Times
(MENAFN - Khaleej Times) Al Ahli Bank of Kuwait and Standard Chartered Bank joined the transaction as mandated lead arrangers while Al Khalij Commercial Bank and The Commercial Bank of Qatar ...

 Jan 29 2015 - NBAD profit jumps 28% in 2014Khaleej Times
(MENAFN - Khaleej Times) Abu Dhabi - A strong growth in incomes from interest and non-interest based revenues bolstered the National Bank of Abu Dhabi (NBAD) profits to Dh1.372 billion in the quarter ...

 Jan 29 2015 - UAE pharma spend to hit Dh5 billion by 2020Khaleej Times
(MENAFN - Khaleej Times) It is also forecasted to increase at a compound annual growth rate (CAGR) of about 9.78 per cent from 2014 to 2020 as, by then, the value of consumer expenditure on ...

 Jan 29 2015 - Parents happy with children's educationKhaleej Times
(MENAFN - Khaleej Times) Abu Dhabi: A survey by the Abu Dhabi Education Council (Adec) has revealed that parents across the emirate are satisfied with their children's schools. The education ...

 Jan 29 2015 - Customers continue winning at Malabar Gold 1amp Diamonds FestivalArab News
(MENAFN - Arab News) Customers continue to win at Malabar Gold & Diamonds' ongoing gold and diamond festival.The jewelry retailer's 4th edition of Malabar Gold & Diamonds Festival in the GCC ...

more...


 






Google

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help