Oman Vision 2040 implementation progress impresses IMF

06/02/24

Oman has made substantial progress in diversifying its economy and implementing its Vision 2040, according to the International Monetary Fund (IMF).

The IMF has recognised the Oman governments decisive actions, which include significant investments in renewable energy, including green hydrogen as well as a national strategy for a smooth transition to net zero emissions. Additional goals of the Oman Vision 2040 aim to strengthen the social safety net for citizens, energise labour markets, build fiscal frameworks, modernise the state owned enterprise sector, enhance the monetary policy framework and develop the financial sector.

Moreover, the IMF highlighted Oman’s significant results over the past two decades. Such results include impressive progress in diversifying its economy and the introduction of reforms aimed at enhancing the quality of institutions. Further achievements include the reduction of the state footprint in the economy and the improvement of the business environment. As a result these factors have strengthened the country’s resilience to oil price volatility, empowered the private sector and increased foreign investment.

Most importantly, the Sultanate has successfully strengthened its social protection and modernised its labour regulations, paving the way for a more inclusive and socially protected labour market. Furthermore, newly introduced laws have reinforced the sustainability of the pension fund, by transforming the current system from 11 fragmented pension funds into a single unified pension scheme. Consequently, equalising pension benefits and entitlements across all sectors will allow for greater labour mobility between the public and private sectors.

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