Latest news with #AbdullahSalimAlHarthy
Times of Oman
19-05-2025
- Business
- Times of Oman
Preparatory meeting to devise financial framework for 11th Five-Year Development Plan
Muscat: The Ministry of Finance today organized a preparatory meeting to draft the state's general budget for the fiscal year 2026 and the financial framework for the 11th Five-Year Development Plan (2026–2030), in accordance with Financial Circular No. (1) of 2025 regarding the state budget regulations for the fiscal year 2026. The meeting was attended by representatives from 70 units of the state's administrative apparatus. The meeting aimed to explain Financial Circular No. (1/2025) pertaining to the regulations for preparing the state's general budget estimates for the fiscal year 2026 and the financial framework for the 11th Five-Year Plan (2026–2030), as well as to outline the approval criteria for development projects under the 11th Five-Year Plan (2026–2030). Additionally, the meeting emphasised the need to align government entities' financial allocations with their annual plans while ensuring adherence to performance indicators, controlling public spending, and linking budget estimates to performance-based and program budgeting principles. Abdullah Salim Al Harthy, Undersecretary of the Ministry of Finance, affirmed that the financial policies and measures adopted by the government since 2020, coupled with rising oil prices, have directly contributed to the improvement of the country's economic and financial indicators—most notably the reduction of public debt and the restoration of creditworthiness. However, he noted that this progress remains variable and unstable. In his address, he stated that drafting next year's 2026 budget and the 11th Five-Year Plan comes amid increasing uncertainty surrounding the global economy, as geopolitical challenges continue to impact economic stability amid ongoing fluctuations in energy and commodity prices. This necessitates the ministry's continued cooperation with all government entities to manage public finances as planned, enhancing non-oil revenue growth, improving public spending efficiency, and maintaining fiscal discipline. For his part, Mohammed Ahmed Al Barashdi, Director General of the Budget at the Ministry of Finance, explained that the meeting with government representatives reflects the commitment to fostering integration and coordination among various state units. It aims to prepare accurate estimates for the state's general budget for the upcoming fiscal year 2026 and clarify the financial framework for the 11th Five-Year Plan (2026–2030), ensuring alignment with government priorities and efforts to enhance spending efficiency.
Times of Oman
27-04-2025
- Business
- Times of Oman
Forum in Dhofar showcases projects, initiatives of Finance Ministry
Salalah — The Ministry of Finance reviewed several of its key projects and initiatives, including the Unified Government Financial System (Maliyah), the Unified Treasury Account, the National Register of Government Assets, the Program and Performance Budgeting application, the Government Services Pricing Project, as well as the Public Expenditure Control Initiative, the Beneficiary Services System, and the update of the bay-law of the Financial Law. This took place during the Ministry of Finance' forum, organized by the ministry today at the Millennium Hotel in Salalah, Dhofar Governorate, to introduce its projects and programs. Abdullah Salim Al Harthy, Undersecretary of the Ministry of Finance delivered a speech emphasizing that the forum reflects the ministry's commitment to enhancing communication and institutional integration, as well as promoting its projects and initiatives aligned with Oman Vision 2040. These efforts support the push toward sustainable and effective financial management. He affirmed that the Ministry of Finance has worked in recent years to develop the financial system by launching a series of strategic projects, which have significantly contributed to achieving positive outcomes. These include reducing the public debt-to-GDP ratio, decreasing reliance on external financing, and generating direct financial savings that have supported developmental spending priorities. The forum featured a visual presentation on the ministry's key projects and initiatives, along with a discussion session with participants from various entities and institutions. The event aimed to raise awareness about the Ministry of Finance's projects, which seek to enhance public financial management efficiency through expenditure control, procedural governance, and increased transparency.
