IMF Praises Policies Implemented By Oman Government
The International Monetary Fund (IMF) has commended the government measures and policies of the Sultanate to combat the spread of the Covid-19 pandemic, and to mitigate the impact of low oil prices.
In a statement issued by the Ministry of Finance said: "The International Monetary Fund has praised the governmental measures and policies of the Sultanate in its final statement issued after the preparatory meetings that took place last January on Article IV consultations with the Sultanate for this year."
The results of the Fund mission were summarized in its statement:
- Swift efforts and disciplined financial measures were taken by the Sultanate in 2020 to combat the spread of the Covid-19 pandemic, and mitigate the effects of low oil prices.
- The success of the fiscal balance plan will contribute to achieving financial sustainability, alleviate financing needs and enhance public financial resources.
- It is estimated that the ratio of public debt to GDP will gradually decrease, starting this year, reaching a rate of less than 60% in the medium term.
- Financial health indicators appear to be in good condition, as the average capital adequacy ratio for banks in 2020 reached (19.1%) and the liquidity coverage ratio was about (200%)