Public finance reform and sustainability prospects in the Sultanate of Oman: )An assessment of plans and programs within Oman Vision 2040(

Abstract

This study aims to present and clarify the public finance plans and programs in the Sultanate of Oman, focusing on the public finance reform plans and programs (2014-2019), which aimed to eliminate the large public finance deficit the Sultanate has suffered from since the decline in oil prices in late 2014. This study then transitioned to the medium-term fiscal balance plan (2020-2024), which established the starting point for the Sultanate of Oman to launch and define its 2040 strategic vision, particularly with regard to economic and public finance reforms. This paved the way for the beginnings of financial and economic reform with the implementation of the Omani National Program for Financial Sustainability and Financial Sector Development (2023-2025), which is currently ongoing. This program seeks to implement and build a diversified and sustainable economy within the framework of Oman Vision 2040, reducing dependence on oil revenues.