Oman: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Oman

Author: International Monetary Fund. Middle East and Central Asia Dept.

Volume/Issue: Volume 2024 Issue 031

Publication date: January 2024

ISBN: 9798400266195

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Topics covered in this book

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Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , Omani authorities , liability positions vis-à-vis nonresident , article IV consultation mission , SOE divestment drive , state footprint , arrangements in Oman , Government asset and liability management , Fiscal stance , Global

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Summary

Economic activity has recovered, supported by favorable oil prices and sustained reform momentum. Inflation remains low. After years in deficit, fiscal and current account balances have turned into surpluses on the back of high energy prices and prudent fiscal management. Public sector debt has been reduced markedly as windfall savings were deployed to prepay debt. The authorities have made substantial progress in implementing Oman Vision 2040, but more remains to be done to reduce Oman’s reliance on hydrocarbons and bolster prospects for non-hydrocarbon growth.