Latest news with #EleventhFive-YearDevelopmentPlan
Observer
21-05-2025
- Business
- Observer
11th 5-year plan focuses on decentralised growth
MUSCAT: The Eleventh Five-Year Development Plan (2026–2030) will mark a major milestone in Oman's journey toward decentralized and regionally balanced growth, said Dr Said bin Mohammed al Saqri, Minister of Economy, at a national workshop held in Muscat on Wednesday, May 21. Speaking at a high-level seminar organised by the Ministry of Economy, Al Saqri emphasised that the upcoming plan aims to translate the ambitions of Oman Vision 2040 into actionable, region-specific development programmes. 'The new plan empowers governorates to take the lead in driving economic and social transformation, based on their local priorities and competitive advantages,' he stated. Al Saqri underscored the government's commitment to decentralisation by enhancing the capacity and autonomy of local administrations. 'The Eleventh Plan places governorates and cities at the heart of national development. It prioritises infrastructure improvements, economic diversification, and the creation of vibrant urban centers that are both economically dynamic and culturally rich,' he said. He added that the participatory planning approach adopted for the new plan expands stakeholder involvement at both central and governorate levels. 'This workshop reflects our belief in inclusive planning and meaningful dialogue. By engaging national teams and local entities, we ensure that development programs respond to real needs on the ground,' he affirmed. The workshop brought together more than 200 participants, including officials from government entities, private sector representatives, and technical teams from across Oman. Attendees engaged in interactive sessions to review the plan's general features and propose localized initiatives under the priority of sustainable development in governorates and cities. According to the Ministry of Economy, the Eleventh Plan is being developed using a rigorous scientific and participatory methodology, incorporating lessons from previous plans and international best practices. It aligns closely with national strategies, including Oman's urban strategy and the outcomes of national laboratories, to ensure holistic and sustainable development. The session was also attended by a number of their highnesses and excellencies, governors, and senior officials involved in steering and preparing the plan. — ONA
Observer
19-05-2025
- Business
- Observer
Oman prepares framework for 2026 budget and 11th five-year plan
MUSCAT: The Ministry of Finance held a preparatory meeting today to set the stage for the state's general budget for 2026 and the financial framework of the Eleventh Five-Year Development Plan (2026–2030). The meeting, aligned with Financial Circular No. 1/2025, brought together representatives from 70 government units to ensure a unified approach to fiscal planning. The session aimed to clarify the budget preparation guidelines and development project approval rules outlined in the circular. It also stressed the importance of aligning financial allocations with annual plans, adhering to performance indicators, controlling public expenditure, and reinforcing program and performance-based budgeting. Abdullah bin Salem al Harthy, Under-Secretary of the Ministry of Finance, highlighted the positive impact of the government's fiscal measures since 2020, supported by higher oil prices. He noted improvements in key economic indicators, including reduced public debt and restored credit ratings. However, he cautioned that these gains remain fragile due to global economic uncertainty and ongoing geopolitical tensions, which continue to affect energy and commodity markets. Al Harthy stressed the need for continued collaboration across government entities to manage public finances effectively, boost non-oil revenues, and enhance spending efficiency. Mohammed bin Ahmed al Barashdi, Director General of the General Directorate of Budget, emphasized the Ministry's commitment to fostering integration and coordination among government units. He said the meeting was essential to ensure accurate budget estimates for 2026 and alignment with the priorities of the Eleventh Five-Year Plan in line with the government's fiscal reform agenda. – ONA
