The Ministry of Economy, as per the Royal Decree No 94/2020 establishing it, plays a pivotal role in the sustainable development process in the Sultanate of Oman. The Ministry of Economy is responsible for proposing economic policies and programs that contribute to achieving economic diversification and ensuring a better future for Oman. The Ministry is also in charge of studying and assessing the performance of the economic sectors in coordination with the relevant stakeholders in the country’s administrative apparatus. It also develops the necessary proposals to improve performance in line with the aims and objectives of the five-year development plans and Oman Vision 2040. The Ministry monitors as part of its mandates the regional and international economic changes and their impact on the economic policies and programs in the Sultanate of Oman in order to develop the necessary strategies, mechanisms and measures to contain such changes at its macroeconomic policies.
In the development planning domain, the Ministry plays a central role in approving the five-year development plans projects and securing their financial allocations. Parallel to this role, it also develops the criteria for prioritizing development projects to ensure the aspired balance between social and economic dimensions of development. It also approves the annual development budgets. The Ministry of Economy role complements the roles of other relevant stakeholders in the Sultanate of Oman. To this end, the Ministry of Economy maintains coordination and communication with private sector and civil society organizations to ensure achieving the national aims and objectives.
As for regional and international cooperation, the Ministry lays the foundations for ensuring effective economic cooperation with different countries of the world as well as regional and international organizations. It also spares no effort to enhance the Sultanate of Oman’s competitiveness and improve its ranks on various development and economic indicators. The Ministry applies the latest economic planning approaches to place the Omani economy well on the global competitiveness map, achieve the national objectives on one hand, and reflect a good picture of the development process in the Sultanate of Oman in the various regional and international arenas.
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