Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Oman- 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 wih 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
 Feb 6 2016 - Saudi Arabia sees one IPO in Q4 raising USD 101mnMENAFN
(MENAFN) The last quarter (Q4) of last year viewed the sluggish main public offering (IPO) performance in Q3 proving that 2015 was an unstable year for IPOs in the GCC.Moreover, the kingdom viewed ...

 Feb 6 2016 - Industries Qatar net profit drops at 1.21bnMENAFN
(MENAFN) Industries Qatar, one of the area's industrial giants with interests in the production of a wide range of petrochemical, proclaimed its financial results for its net income.Additionally, net ...

 Feb 6 2016 - KSA health sector cuts spending by 50 percentMENAFN
(MENAFN) Saudi Ministry of Health asked its different departments to review recent inventories to ensure the availability of medicine and medical devices.Moreover, the reduction of health sector was ...

 Feb 5 2016 - Julius Baer signs final deal with the USThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Swiss bank Julius Baer has signed a deal with the United States authorities bringing an end to an investigation into how it helped US clients evade taxes. A ...

 Feb 5 2016 - Turkey- Merkel to travel Ankara to discuss Syria refugee crisisThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) German Chancellor Angela Merkel will travel to Ankara on Monday for talks on Syria andthe refugee crisis her spokesman announced Friday. “The visit ...

 Feb 5 2016 - NATO: Russian airstrikes undermining non military efforts in SyriaThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) NATO chief Jens Stoltenberg says Russia's airstrikes in Syria are undermining efforts to find a non-military solution to the conflict. Stoltenberg made the ...

 Feb 5 2016 - Syrian woman starves to death in besieged MadayaThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) A Syrian woman starved to death on Thursday in the Syrian town of Madaya taking the death toll in the besieged town to 18 a local medical center said. ...

 Feb 5 2016 - Major players pin high hopes on Syria political solution skepticism remainsThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Despite frustration over a suspension of the third round ofSyriapeace talks major global players still believe that a political solution though difficult to ...

 Feb 5 2016 - Jordan's Joramco to spend USD10m on expansionMENAFN
(MENAFN) In response to expanding demand and an arising Iranian aviation market, Joramco, a Jordan-based aircraft heavy maintenance company, is planning to invest nearly USD10 million to expand its ...

 Feb 5 2016 - UAE's Career Fair 2016 kick-start with huge potentialMENAFN
(MENAFN) The Abu Dhabi City Municipality is participating in the Career Fair 2016, under the umbrella of the Department of Municipal Affairs, which launched in in Abu Dhabi National Exhibition ...

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

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