His Majesty Sultan Haitham bin Tarik of Oman recently issued Royal Decree No. 36/2024, assigning specific responsibilities to the ministries of Finance and Economy. The decree replaces clauses No. 6 and 7 of Annex 1 attached to Royal Decree No. 94/2020, outlining the duties of the Ministry of Economy which include studying development project proposals and endorsing five-year plans for approval by the Council of Ministers. Additionally, a new clause 4-bis was added to Annex No. 1 of Royal Decree No. 91/2022, defining the responsibilities of the Ministry of Finance, related to endorsing the annual developmental budget after Council of Ministers’ approval.
The Ministry of Economy in Oman will now be responsible for evaluating proposals presented by various government entities regarding development projects to determine their importance and the priority of their implementation. Additionally, they will play a role in endorsing five-year plans which will be submitted to the Council of Ministers for approval. On the other hand, the Ministry of Finance will have the responsibility of endorsing the annual developmental budget after receiving approval from the Council of Ministers. These adjustments aim to improve efficiency and coordination between the two ministries for better economic development.
The issuance of this Royal Decree is expected to streamline the decision-making process related to economic development in Oman. By clearly defining the responsibilities of the Ministries of Economy and Finance, the government is taking steps to ensure that projects are properly assessed and approved in a timely manner. This will ultimately contribute to the country’s economic growth and stability, as well as the effective implementation of developmental plans in alignment with the national priorities.
It is important to note that any conflicting actions or regulations will be cancelled or amended in accordance with the provisions of this new Royal Decree. This reflects the government’s commitment to ensuring coherence and consistency in its policies and decisions. The publication of the decree in the Official Gazette signifies its official enforcement, effective immediately from the date of issuance. This announcement marks a significant milestone in Oman’s ongoing efforts to strengthen its economic governance and enhance the efficiency of its public institutions.
In conclusion, the recent Royal Decree issued by His Majesty Sultan Haitham bin Tarik of Oman assigning responsibilities to the Ministries of Finance and Economy represents a strategic move towards improving economic development and governance in the country. By clearly defining the duties of each ministry and streamlining processes for project evaluation and budget endorsement, the government is setting the stage for more effective decision-making and implementation of development plans. It is expected that this new decree will contribute to the overall growth and stability of Oman’s economy, in line with its national priorities and objectives.
