Sultan of Oman Vows to Reduce Public Debt, Restructure Public Institutions

Gulf

February 24th, 6:32am

Asharq Al-Awsat

Sultan Haitham bin Tariq al-Said delivers a televised speech on Sunday. (ONA)

Oman’s Sultan Haitham bin Tariq al-Said said on Sunday the government would work to reduce public debt and restructure public institutions and companies to bolster the economy. Sultan Haitham, in his second public speech since assuming power in January, said the government would create a national framework to tackle unemployment while addressing strained public finances. “We will direct our financial resources in the best way that will guarantee reducing debt and increasing revenues,” he said in the televised speech. “We will also direct all government departments to adopt efficient governance that leads to a balanced, diversified and sustainable economy.” The small oil producing country has relied heavily on debt to offset a widening deficit caused by lower crude prices. “We are willing to take the necessary measures to restructure the state’s administrative system and its legislation,” Sultan Haitham said in his first speech since the mourning period for Sultan Qaboos ended, without elaborating. He said there would be a full review of government companies to improve their business performance and competence. Oman observers have said that if Sultan Haitham moves to decentralize power it would signal willingness to improve decision making. Like Sultan Qaboos, he holds the positions of finance minister and central bank chairman as well as premier, defense and foreign minister. Sultan Haitham also vowed that “Oman’s message of peace would continue to roam the world, carrying a great heritage and noble goals, building and not demolishing, rapproaching and not distancing.” “We are committed to sustaining this approach, so that we could together perform, with firm will, our cultural role and historic mission,” he added. He also said that he will prioritize education. The sector “will receive full attention and it will be provided with the supporting environment which motivates research and innovation.”

from Asharq AL-awsat https://aawsat.com/english/home/article/2146696/sultan-oman-vows-reduce-public-debt-restructure-public-institutions