Times of Oman - January 10, 2016

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FROM THE WORDS OF HIS MAJESTY THE SULTAN

Speech of His Majesty at the opening of the 5th term of the Majlis Oman, 2011

‘His Majesty’s Wisdom’

We have always believed it is important that there should be a wide range of different ideas and opinions, and that people should not be prohibited from thinking freely, because this is evidence of a community’s strength and its ability to benefit from these opinions and ideas to serve its aspirations for a better future and finer, happier life. However, freedom of expression does not mean that any one party has the right to force its opinions on others or suppress the rights of others to express their ideas freely, since this has nothing to do with democracy or law; and keeping up with the times does not mean imposing one’s ideas on other people.

SUNDAY, January 10, 2016 / 29 Rabi Al Awal 1437 AH

TOP THREE INSIDE STORIES

OMAN

‘Steps taken to tackle dropout of students’

1

Various measures are being taken by the Ministry of Higher Education to address the dropout issue in Oman, said a senior official. “The Ministry supervises the colleges to address this issue,” said Minister of Higher Education. >A2

OMAN

Oman must keep employing expats

2

The economic challenges arising out of low oil prices will probably last the whole year but Oman must retain the backbone of its expatriate workforce for the economy to boost growth. This is not the time to reinforce the Omanisation process. >A3

timesofoman.com

3

Revamping the fuel subsidy will reduce financial risks posed to Oman and impart stability, a World Bank expert said. The expert said the ministry has prepared the budget to enhance the efficiency of public spending. >B3

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Oman seeks foreign loans to ease economic pressure 500

There has been

302.9 78.4

2006

2007

2008

2009

2010

2011

2012

2013

-48.8

-113.2

-80.6

-82.6

2014

2015

2016

300

Net domestic borrowing

900

Net foreign borrowing

1,500

Financing from reserves

600

Net grants

-680.3 -1,000

in Oman’s financial

-1,500

after the government

40.2

-500

pressure on liquidity

system recently,

43.8 0 2005

considerable

-1,064.3

-2,000 -2,500

Budget surplus, deficit 2005-2016 In million rials

raised funds by way -3,000

of development

Surplus

-3,300 -2,500

Deficit

-3,500

bonds and a maiden Source: State Budget 2015 and State Budget 2016, Ministry of Finance

Graphics

sovereign sukuk

MARKET

‘Subsidy revision to impart fiscal stability’

wtimesofoman.com

A E JAMES

businesseditor@timesofoman.com MUSCAT: Oman government’s plans to borrow as much as OMR900 million from overseas markets will ease pressure on both domestic liquidity and interest rates in the country. Although the total foreign borrowing is estimated to be OMR1.03 billion, OMR130 million will be used for repaying maturing loans

this year, resulting in an estimated net flow of a OMR900 million fund, according to a state budget document made available to the Times of Oman (TOO). “The plan looks very clear since only 10 per cent of the deficit financing will come from local borrowing, which can easily be accommodated,” said a senior market analyst, on the condition of anonymity. “Borrowing from the local market is only OMR300 million, which will not disturb domes-

tic liquidity. This will give some comfort to local banks,” added the market analyst. Debt-to-GDP Also, Oman’s debt-to-gross domestic product (GDP) ratio (a common parameter used for measuring the indebtedness of a country) is around 4 per cent, which is quite low when compared with most economies in the world, said Anil Kumar N, senior vice-president, Asset Management, the Financial Corporation (FinCorp).

“The country is in a comfortable position to raise funds from overseas markets. The government will be in a better position to borrow funds from wherever it is cheaper and available,” added Kumar. “There is scope for going ahead for additional borrowing plans, which will help raise funds for development projects,” noted S Suresh Kumar, head of research at Al Maha Financial Services. Of the total estimated deficit of OMR3.3 billion for 2016, OMR600

million will be from net grants, OMR900 million from foreign borrowing, OMR300 million from domestic borrowing, and OMR1.5 billion from general reserves. Liquidity In fact, there was considerable pressure being exerted on liquidity in the financial system during the last few months after the government raised funds by way of development bonds and a maiden sovereign sukuk (Islamic bond) issue. >A6

MINISTRY OF HOUSING

Electronic registration to regulate real estate, end price manipulation registration of real estate brokers so that working offices are able to register via the Ministry of Housing’s website.

Times News Service

Nizwa, a hotspot for tourists ORGANIC

A4

MUSCAT: Manipulation and raising real estate prices will be a thing of the past following the launch of the Ministry of Housing’s electronic registration of real estate brokers, which will also provide listings of employment opportunities in real estate. Salim Al Balushi, Director General for Real Estate Development at the Ministry of Housing, announced during the fourth quarter of 2015, that all legal articles would be written to organise the work of real estate brokerage offices and regulate the urban and real estate

growth in the country. On November 18, 2015, the ministry, represented by the Directorate General of Real Estate Development, launched the electronic

FA R M I N G

Brokerage procedures The system will first start operation in the Muscat Governorate, and the other governorates will follow suit. The participating offices will be registered by the ministry and will ensure that their work and brokerage procedures, and work in the real estate market, follow the regulations of the law promulgated by Royal Decree (78/86) and its amendment issued by Royal Decree (91/2010).

Al Balushi also said that the aim of these procedures is to register and organise the work of real estate brokers. It will identify those offices that follow the laid down regulations in the brokerage profession. The procedures will further protect the real estate sector from speculation, contributing to illegal manipulation and the raising of prices which are inconsistent with supply and demand. Such abuses affect the credibility of the real estate market, due to the absence of a supervisory and controlling authority that is supposed to regulate the process. >A6

G E N E R A L E D UC AT I O N D I P L O M A

For the cause of pesticide-free vegetables 53,490 to appear

for exams today Times News Service

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REJIMON K

reji@timesofoman.com MUSCAT: A group of Indian expatriates in Buraimi no longer visit vegetable shops. From green leaves to tomatoes to bitter gourds, they have succeeded in growing these vegetables on their own for the last three years. “It all started in a small way. Our aim was to have fresh and pesticide-free produce. Slowly, more and more like-minded people are joining the group. Now, there are at least 45 families in Buraimi, coordinating our farming mission,” Krishnadas Menon and his friends, who are all Buraimi residents,” told the Times of Oman (TOO). “Growing vegetables in Oman is quite difficult. Climatic conditions are not that favourable. However, planning well in advance helps

NEW BEGINNING: The group uses social media networks to share ideas and coordinate organic farm-

ing in addition to conducting online research. – Supplied photo

us. During summer, extra care is needed, especially, when it comes to watering and all. In other seasons, it’s a little bit easy,” the group said. Depending on the season and farming calendar, the group brings seeds from India and other countries too. “Whoever, returns from their annual leave brings in seeds for farming. In the past, we used to visit those returning from their home countries to collect medicines or sweets. Now, we eagerly wait to collect seeds. Some people land in trouble at the airport while bringing in seeds. However, when police officials get convinced about our

aim, they let us go,” Biju Thomas, who is part of the group, explained. The group is also getting good support from nationals. “Many were sceptical while we began farming. However, now, they are quite impressed in seeing our success. Some have even come forward to support our efforts to cultivate pesticide-free vegetables,” Ismail, another farmer from the group, said. “We use only organic farming methods. It’s the future on farming,” Ismail added. For the group, farming is also a lesson that needs to be passed on to the future generations.

“Our children join us in farming, and learn how to remain connected with nature. It’s a chance for them to teach us how they can nurture nature and grow together,” Asbel Justin, another member of the group, said. The group uses social media networks to share ideas and coordinate farming in addition to conducting online research. “It all began in a small way. Now, apart from buying onions, we never go to the vegetable shops. Our group is growing. Many nationals are also interested in house farming methods,” Menon and his friends added.

MUSCAT: Beginning today, some 53,490 students will appear for the General Education Diploma (GED) exams, for the 20152016 academic year, the Ministry of Education has announced. The exams will be held in several governorates of the Sultanate on January 10. The first exam will be for the students of Islamic Education. Dr. Zuwaina bint Saleh Al Maskari, general director and supervisor of the exams, said 362 examination centres had been chosen which are quite safe. The ministry has established committees that will monitor the maintenance of the centres. Al Maskari added that all students must abide by the rules and regulations as published in a ministerial decision in 2015, especially regarding cheating and other malpractices. The ministry will punish those who cheat or offer help to do so, be it the candidates or those who supervise the exams. During the previous academic year of 2014-2015, the Ministry had penalised those who did not abide by the rules, by cancelling the grades of the subjects in which the candidates were found to have breached the rules. Al Maskari said that candidates can only bring those tools that are allowed in the exams, i.e.

pens, rulers and erasers, in addition to any tools needed for the respective courses. Candidates may not take any of the following into the examination centre — any electronic devices, such as phones, pagers, cameras, personal computers and data storage devices; newspapers and magazines; study books and diaries; anything related to the exam; handbags; sharp instruments and all sorts of weapons. Civil ID cards Candidates must take with them their civil ID cards or whatever proves their identity. Those who fail to do so will not be granted access to the exam. As for the possibility of reviewing the exam documents for students who would like to do so after the publication of the results, Al Maskari confirmed that after the publication of the results, it would be possible for students to hand in their applications to review the papers. “Students can apply for a review of three courses only, applications will be accepted during the first week after the publication of the results, the student does not have the right to have access to his exam papers, the Ministry has formed committees to review the correction of the requested exam papers,” Al Maskari pointed out. >A6


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