
IMF mission begins visit to Oman
Muscat: The 2025 International Monetary Fund (IMF) staff mission to the Sultanate of Oman today commenced and will continue through 29 May 2025.
This visit is part of the IMF's regular Article IV consultations, conducted in accordance with its Articles of Agreement, and is hosted by the Central Bank of Oman (CBO) in cooperation with the Ministry of Finance.
During this mission, the IMF team will hold a series of meetings with officials and specialists from the CBO, the Ministry of Finance, other government entities, and representatives from the private sector. These discussions will focus on recent economic, financial, and monetary developments, as well as medium-term prospects, particularly in light of growing global trends and trade dynamics.
The meetings will also cover key issues such as fiscal and monetary policy and various socioeconomic developments and the implications of global oil price fluctuations on economic performance and trade, among other topics related to continued fiscal and economic reforms in Oman.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Observer
4 hours ago
- Observer
IMF hails CBO's transparency, offers roadmap for enhancements
MUSCAT: The International Monetary Fund (IMF) has commended the Central Bank of Oman (CBO) for its proactive steps in enhancing transparency, governance, and monetary policy communication, as highlighted in a landmark Central Bank Transparency (CBT) Review—the first of its kind in the GCC region. Conducted under the IMF's CBT Code, the review — completed in April 2025 and released by the IMF this June — underscores the CBO's alignment with Oman Vision 2040 and its efforts to uphold international best practices. The IMF described the CBO as a trusted and credible public institution with a legal framework firmly underpinning its transparency policies. STRENGTHS IN MONETARY POLICY TRANSPARENCY At the core of the CBO's operational mandate is the maintenance of a fixed peg of the Omani Rial to the US Dollar—a policy sustained through active liquidity management and strong foreign exchange reserves. The IMF praised the central bank for its disclosure of monetary policy objectives, operational frameworks, and the role of liquidity management in supporting the peg. However, the Fund suggested that further transparency gains could be achieved by detailing the decision-making process behind these policies and disseminating key data in formats more accessible to external users. Enhanced publication of frameworks related to counterparties, collateral, and reserve requirements were also recommended. GOVERNANCE AND ACCOUNTABILITY The IMF acknowledged the CBO's well-established internal governance transparency framework, including disclosures on its board structure, decision-making process, and leadership. To raise standards even further, the IMF advised the CBO to place greater emphasis on internal independence, accountability, and risk management. The addition of an explicit access-to-information policy and the publication of existing internal risk and oversight arrangements were highlighted as "quick wins" for improving governance transparency, as many of these structures are already in place but not fully disclosed. With its expanding mandate in financial stability, the CBO now legally holds responsibilities for Emergency Liquidity Assistance (ELA) and macroprudential policy. The IMF noted that while the CBO has made significant efforts to clarify its role, greater transparency is needed regarding the scope of its financial stability mandate, available tools, and coordination mechanisms with other financial agencies. As these shared responsibilities grow, delineating roles and publishing relevant legal and operational frameworks will enhance public and institutional understanding of the CBO's oversight role. AML/CFT SUPERVISION As the designated Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) supervisory authority for financial institutions under its jurisdiction, the CBO has actively disclosed its legal powers, policies, and supervisory practices. However, the IMF sees room for improvement, especially in public communication of implementation outcomes. The upcoming release of a mutual evaluation report presents an opportunity for the CBO to strengthen communication on its AML/CFT achievements through its website and other outreach platforms. Public appetite for more accessible engagement with the central bank is growing. The IMF urged the CBO to consider simplifying its disclosures for wider public understanding and to expand educational and outreach efforts. This could involve deeper use of social media and communication tools to reinforce transparency and maintain institutional trust. ROADMAP FOR REFORM To help operationalise the findings, the IMF shared a draft Implementation Roadmap, outlining actionable recommendations. The Fund also reiterated its readiness to support Omani authorities in the implementation phase. Overall, the CBT review signals a strong performance by the CBO in aligning with global central banking standards, while identifying opportunities for reform that will solidify Oman's financial credibility and public trust in its monetary authority.


Times of Oman
8 hours ago
- Times of Oman
Dhofar readies for biggest Khareef with 100 hotels for 100 days of tourism
MUSCAT: Dhofar Governorate is preparing to host its most ambitious Khareef season yet, with 100 licensed tourism establishments (hotels) ready to serve visitors over an extended 100-day period, from 21 June to 10 October. The 2025 Khareef marks a milestone not only in infrastructure but also in the duration of the season, which has been extended by nearly three weeks compared to last year's conclusion on 21 September. To accommodate growing tourist demand, the Ministry of Heritage and Tourism has inaugurated several key projects ahead of the season. These include the Dhofar Private Museum, a new 84-room three-star hotel in Mirbat, and a luxury serviced apartment complex in Salalah offering 216 rooms. A newly opened tourist information centre at Al Haffa Beach Market aims to streamline visitor services. With these additions, Dhofar now boasts over 8,000 hotel rooms after the latest opening of the 100th hotel, significantly enhancing the region's ability to cater to both domestic and international visitors during the peak monsoon months. Extended season, expanded strategy Khalid Abdullah Al Abri, Director General of Heritage and Tourism in Dhofar Governorate, emphasised the strategic importance of the Khareef season. 'This is more than a seasonal influx — it's a cornerstone of Oman's tourism calendar. Extending the season to 100 days gives us more room to welcome visitors and promote sustainable tourism,' he said. The ministry has structured the season into three distinct phases: an early period starting 21 June, a peak season from mid-July to late August, and a post-peak stretch until 10 October. This staggered approach is designed to manage crowd flow and maximise the tourism window, including during school holidays and shoulder periods. Targeted promotions and connectivity As part of its tourism growth strategy, the ministry has conducted an aggressive promotional campaign across key markets. This includes participation in Arab Travel Market 2025 in Dubai, where Dhofar Municipality unveiled this year's Khareef programme. Additional workshops and roadshows in Saudi Arabia and Kuwait highlighted Dhofar's offerings and new direct flight routes. Airlines including Flynas, Flyadeal, Kuwait Airways, and Jazeera Airways have added seasonal direct connections to Salalah Airport, greatly enhancing access from the GCC region. Al Abri noted that the ministry is particularly focused on attracting GCC families and repeat visitors, with special travel packages and school holiday-aligned promotions now in place. The extended season and new infrastructure build on the momentum of Khareef 2024, which saw 1,048,000 visitors, a 9% increase from 2023 when the arrival was 962,000 visitors. Officials are optimistic that the 2025 season will surpass this, driven by improved air connectivity, diversified offerings, and broader international visibility. Collaborations with private sector partners are also expected to play a major role in offering competitive experiences throughout the season, even during traditionally lower-traffic periods. With 100 hotels, 100 days, and a refreshed focus on sustainable growth, Khareef 2025 is poised to cement Dhofar's status as a premier regional destination for nature, culture, and monsoon magic.


Muscat Daily
9 hours ago
- Muscat Daily
IMF lauds CBO for high transparency standards
Muscat – The International Monetary Fund (IMF) has published a report on the transparency of the Central Bank of Oman (CBO), based on the IMF's best practices for central bank transparency (CBT). Released on Tuesday, the IMR report outlines the findings of a voluntary assessment carried out to review the CBO's transparency and disclosure practices. The assessment focused on five key areas defined by the IMF: governance, transparency of policies, operations, outcomes, and official relations of central banks. The evaluation aims to enhance the CBO's independence, strengthen engagement with relevant stakeholders, and encourage knowledge-sharing and intellectual exchange with peer institutions. The IMF concluded that the CBO attaches considerable importance to transparency in its operations, aligning its practices with international standards. This reflects the CBO's commitment to reinforcing its position as a vital public institution through a robust transparency framework. Oman is the first country in the GCC and the second among Arab nations to undergo this voluntary review by the IMF. This underscores the CBO's dedication to achieving the highest international standards in central banking practices. During its visit, the IMF team held extensive meetings with stakeholders from the CBO as well as representatives from government bodies, the private sector, and civil society organisations. These discussions helped assess the CBO's governance structures and transparency measures, promoting constructive dialogue to support more effective monetary and banking policy outcomes. The report's key findings include evidence of strong governance and a sound legal framework. The CBO benefits from a clear legal structure and broad institutional powers that enhance decision-making and accountability. The report also commended the CBO's transparency in monetary policy. The IMF report noted that the bank maintains open communication regarding its monetary policy framework and financial system stability, including regular publications and coordination with other financial institutions in Oman. Additionally, the IMF highlighted the CBO's development of effective financial stability tools, particularly its focus on improving Emergency Liquidity Assistance (ELA) mechanisms and macro-financial stability frameworks. These efforts are contributing to greater transparency in managing financial system risks. The report further noted the CBO's ongoing initiatives to enhance stakeholder communication. This includes making key policy decisions accessible and understandable to the public via its website and social media platforms. Moreover, the CBO was praised for its work to strengthen its anti-money laundering and countering the financing of terrorism (AML/CFT) framework. The review encouraged the CBO to continue enhancing transparency in its supervisory and oversight responsibilities in this area. The IMF's Central Bank Transparency Code, introduced in 2020, reflects the expanding responsibilities of central banks and the growing need for them to clarify the purpose, nature, and methods of their operations. This enhanced transparency fosters greater public understanding of central bank roles, bolsters institutional independence, and strengthens the impact of monetary and financial policies. In response to the IMF's recommendations, the CBO has committed to further strengthening transparency in alignment with Oman Vision 2040 and global best practices, while respecting the national legal and regulatory context. The mission offered a valuable opportunity for self-assessment, complementing the CBO's ongoing efforts to modernise its legal and institutional frameworks. The CBO will develop a detailed plan to implement the IMF's findings and recommendations. This initiative is expected to further improve the transparency of the CBO's operations, policies, and practices, ultimately contributing to sustainable economic development in the sultanate.