Oman: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Oman
IMF Staff Country Reports, January 29, 2024
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- Oman: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Oman
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Bibliographic details
- Published: January 29, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400266195.002
Macroeconomic overview and outlook
- Oman’s economic recovery continues while inflation remains contained.
- Recovery is supported by favorable oil prices and sustained reform momentum.
- Risks to the economic outlook are balanced.
Banking sector resilience
- Profitability has recovered to prepandemic levels.
- Capital and liquidity ratios are well above regulatory requirements.
- Nonperforming loans remain low and sufficiently provisioned.
- Stress tests suggest that banks are resilient to credit and liquidity shocks.
Structural reform priorities (Oman Vision 2040)
- Sustaining the reform momentum under Oman Vision 2040 is key to:
- building resilience;
- boosting prospects for more inclusive, diversified, and sustainable private sector-led non-hydrocarbon growth.
- Required further efforts:
- improve institutional quality;
- reduce the state footprint;
- enhance the business environment.
- These reforms are expected to help amplify productivity gains from labor market and financial development reforms.
Social, digital, and climate policy actions
- Steadfast implementation of the new social protection and labor laws is called for.
- Leveraging digitalization is recommended.
- Accelerating green investments and advancing policies to meet climate commitments are emphasized.
Subjects and keywords (as listed)
- Subject: Expenditure, Fiscal policy, Fiscal stance, Government asset and liability management, International organization, Monetary policy, Public debt, Public financial management (PFM), Revenue administration
- Keywords: arrangements in Oman, article IV consultation mission, Fiscal stance, Global, Government asset and liability management, liability positions vis-à-vis nonresident, Omani authorities, SOE divestment drive, state footprint
Content in this bundle
- 1. Recent Economic Developments