MONDAY
January 2, 2017 3 Rabi Al Thani 1438 AH
HM RATIFIES STATE BUDGET
FROM THE WORDS OF HIS MAJESTY THE SULTAN
MUSCAT: His Majesty Sultan Qaboos bin Said has issued a Royal Decree No. 1/2017 ratifying the State’s General Budget 2017, after being presented before the Council of Oman. Article (1) ratifies the State’s General Budget for fiscal year 2017 in accordance with the tables attached to this Decree. Article (2) instructs all ministries and government units to implement the provisions of this Decree, each within the scope of its prerogatives. Article (3) says that this Decree shall be published in the Official Gazette and be enforced with effect from January 1, 2017. -ONA
On the occasion of the 26th National Day, 1996
‘His Majesty’s Wisdom’
Our economy will no longer be dependent on government expenditure, oil resources and foreign workers, but it will enter a better and more comprehensive phase, based on private initiative, nationally-trained workers, and sustained established resources.
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23%
of the allocations are for education, health and social welfare
With a series of austerity measures, Oman plans to plug its deficit and turn around its fortunes
2.5b
Omani rial of projected deficit to be financed by external and domestic borrowings
5.3b
Omani rial was the actual deficit for the financial year 2016
BUDGET 2017 AIMS TO PUT OMAN ON RIGHT TRACK MUSCAT: Oman’s Budget 2017 is tackling falling oil prices head on with a plan to put the country on the right path. With more austerity, cuts and the targeting of funds only to those projects and schemes that will make the country future-proof, the government hopes the annual budget – revealing a
OMR3 billion deficit – will turn the Sultanate’s fortunes around. In one of the hardest hitting budget statements in recent years, Budget 2017 pulls no punches: public sector recruitment will be low, austerity measures will continue, subsidies will be reviewed, government assets will be sold off or priva-
tised and funding will only be channelled into projects essential for Oman’s non-oil future. Royal Oman Police has been tasked with amending fees for civil services, there will be an amendment to income tax laws, there will be selective taxes on items such as alcohol and tobacco and a limit on tax exemp-
tions for some companies. The statement also reveals that government subsidies will gradually be cut. It also spells out in detail the Tanfeedh proposals and the need to fund these essential programmes while cutting back on projects that will not aid the new Oman as it shakes off its
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