Oman to Rethink Economy, Expenditures with Oil Crunch

Oman to Rethink Economy, Expenditures with Oil Crunch

Top Omani officials and experts are expected to hold an extended meeting on October 21 to explore solutions and proposals to alleviate the impact of the oil crisis on the national economy, revealed Gulf News.

Mohsin Al Beloushi, adviser at the Ministry of Commerce and Industry, had reportedly said the slump in oil prices has had a great impact on the national economy, demanding even more initiatives towards diversifications.

More active cooperation with the private sector will also be a major topic of discussion at the meeting, it emerged, in efforts to reduce government employment and so expenditures.

Other measures already being studied include the levying of taxes on expatriate remittances, increasing taxes on real estate rent contracts, rising electricity tariffs, traffic fines, vehicle registration, renewal and insurance fees.

The Ministry of Finance had also said that fuel subsidies would be scaled back gradually.

According to Arabian Supply Chain, another measure being looked into is to curb fuel smuggling.

The construction industry in Oman has also been hit by the oil slump and will be holding a meeting on 21st October at the third annual Construction Week: Leaders in Construction Summit Oman 2015 to look into industry strategies in response to falling prices and state revenues.


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