Muscat, (Business News Report)|| The Sultan of Oman, Haitham bin Tariq, said that his country will take advantage of high oil prices to pay off debts from oil revenues.
“We will seek to exploit the high oil revenues as much as possible to get rid of the state’s public debt,” bin Tariq said, according to state-run Oman News Agency. “What is left will be spent on development projects.”
The Sultan of Oman’s speech came during his meeting with the sheikhs of the governorates of North Al Batinah, Al Dhahirah and Al Buraimi in Bait Bahjat Al Anwar in the Wilayat of Sohar, explaining that oil and energy prices started to rise and reached record numbers.
He said: “Oil and energy prices started to rise and reached record numbers, and for us as an oil-exporting country, it is a comfortable thing. But at the same time, the prices of commodities and goods will rise, although prices are regulated for basic commodities in Oman.”
Bin Tariq explained that the state’s development plans are proceeding in their prescribed paths and the restructuring of institutions are all in the service of the country and the citizen. He stressed that the government has always existed to serve the interests of citizens.
He pointed out that the increase in spending above the approved in the five-year plan will have priority in basic matters such as building new schools, maintaining what is currently in place, and expanding some roads and hospitals, as well as inter-provincial roads, which contribute to facilitating economic movement.
“We are witnessing conflicts around the world but the most important thing is to focus on the interest of our country and contribute to the efforts to develop our region,” he added, stressing that Oman’s foreign policies are fruitful and bring positive returns to the country and the region in general.
He indicated that an economic zone will be established in Al-Rawdah District in Al Buraimi Governorate, in addition to that, in the coming days, a number of ministers will visit the area to determine the lands on which it will be built.
Bin Tariq pointed out that the Suwaiq Hospital is under construction, and Sohar Hospital has finished its equipment, and the rest of the other hospitals are either on the way to construction or completion.
The fee reduction aims to help the private sector, especially start-up companies, he said.
He stated that the governorates have full powers and that each governorate will have a budget to implement some projects that were discussed in the meetings with the sheikhs.
It should be noted that the Sultanate aims to diversify its sources of income by maximizing the role of tourism, transport and attracting foreign investments, within the context of Vision 2040.
The year 2021 marked the beginning of the tenth five-year plan for Oman, which aims to increase the contribution of non-oil industries to 90% of GDP by 2040, while working to reduce government debt as well.
The Tenth Five-Year Plan (2021-2025) will support economic growth and accelerate economic activities.