Oman cuts debt, lifts growth in Vision 2040 push
MUSCAT: Oman is moving decisively from policy design to execution, with fresh indicators showing momentum in economic diversification, fiscal consolidation, and social reform — all aligning with the long-term objectives of Vision 2040.
A government infographic released this week outlines a suite of milestones under the theme 'From Planning to Achievement', highlighting Oman's policy-to-results transformation.
Among the financial achievements, the Sultanate of Oman reduced its public debt to RO 15.1 billion, while maintaining a fiscal surplus of RO 931 million in 2023 — outcomes attributed to prudent spending, improved oil revenue management, and rising non-oil sector contributions. Credit agencies responded positively, upgrading Oman's outlook to 'positive' at BB+, reflecting stronger macroeconomic stability.
The energy and logistics sectors continue to drive industrial growth. The inauguration of the Duqm Refinery marked a strategic expansion in downstream capabilities, with parallel investment opportunities in maritime logistics valued at RO 1.6 billion. Muscat International Airport, meanwhile, handled 11.5 million passengers in 2023 — an encouraging sign for tourism recovery and regional connectivity.
On the social front, Oman launched a unified Social Protection System, integrating pensions and welfare funds into a streamlined framework.
In agriculture, cultivated land expanded by more than 276,000 feddans, and output rose over 10%, underscoring rural development and food security priorities.
Support for small and medium enterprises (SMEs) has also deepened, with over RO 53 million in financing allocated.
SMEs now benefit from fee waivers and exclusive access to 7% of government procurement contracts — a policy designed to stimulate entrepreneurship and diversify supply chains.
Looking ahead, the government is placing research, development, and innovation at the heart of sectoral policy.
An integrated national system is under development to unify innovation frameworks across ministries and institutions — ensuring future growth remains competitive, inclusive, and sustainable.
These achievements signal that Oman is not only on track to deliver on Vision 2040 but is also actively closing the gap between planning and real-world impact.
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
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