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Oman Draws Up ‘Alternative Plans’

Last month, the Gulf state modified its 2009 budget estimates which are now based on an assumed price of $45 per barrel of oil against the originally decided $55.

“’While low oil prices will have its impact, the government has alternative plans in case prices fell to lower rates than the current,” National Economy Minister Ahmed bin Abdulnabi Macki told members of the Majlis Ash’shura, the Sultanate’s elected council of people’s representatives.

He was outlining measures taken by the government to face the global economic turmoil during a session of the Majlis here on Wednesday.

Macki said the Omani economy would continue its growth by at least three per cent.

He added that the government would go ahead with its development programmes, but “there will be re-arrangement of priorities.”

He claimed the country’s financial and economic condition was “good”, adding that while the government was very keen to implement all approved projects, “there will also be a hedge against any fluctuations resulting from the global financial crisis.”

Macki reiterated that the government would go ahead with its development plans irrespective of the current situation.

“The Sultanate has taken a number of precautionary measures, especially for the banking and financial sector, to provide it with liquidity in case the need arises. The financial situation of the state is good and the size of investment is still growing,” he added.

ravindranath@khaleejtimes.com