His Majesty Sultan Haithem bin Tariq emphasizes the key role of economic reforms and Oman Vision 2040

In his speech on the commemorating the National Day of Oman, November 18th, His Majesty Sultan Haithem bin Tariq has set a clear direction for policy in the medium term. His Majesty focused on the key economic challenges facing Oman and the importance government's the fiscal consolidation program "Tawazun". The speech also highlighted the development of a social safety net which is being developed parallel to the fiscal consolation program.

His Majesty's speech comes at an important moment in time where Oman is undergoing key economic reforms that aim to consolidate its fiscal stance and kick off the long road to Vision 2040.

His Majesty has also made key references to Oman Vision 2040 and its importance as a roadmap for the country's medium to long term development. In doing so, he identified the key steps towards enabling the vision. These included; restructuring of the Cabinet of Ministers and government institutions, and continuous development of legislative and oversight framework to ensure effective governance. His Majesty also made clear reference to support social welfare programs through the benefits of the fiscal consolidation. There was also a clear emphasis on the on development decentralized management of regional development through the governorates across Oman.

His Majesty's speech has set a clear economic agenda for Oman in the medium and long term which can be summarized in the achieving fiscal balance to meet the medium term economic growth needs.

This agenda is summarized in:

1. Institutional reform to improve governance, oversight, and efficacy.
2. Decentralized administration in the regions.
3. Developing an effective social security net to protect the economically vulnerable.

His Majesty's speech comes at an important moment in time where Oman is undergoing key economic reforms that aim to consolidate its fiscal stance and kick off the long road to Vision 2040. Having the realistic assessment of its current situation and future aspirations is critical to create wider acceptance of the necessary reforms and their economic and social externalities.