Oman: 2024 Article IV Consultation - Press Release; and Staff Report

IMF Staff Country Reports, January 22, 2025

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Oman: 2024 Article IV Consultation - Press Release; and Staff Report

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Bibliographic details

• Published: January 22, 2025
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9798400298318.002

Macroeconomic overview and outlook

• Supported by favorable hydrocarbon revenues and steadfast reform efforts, Oman’s economy continues to expand amidst low inflation.
• Fiscal and external surpluses continued in 2024 and are expected over the medium term.
• The 2025 budget is set to preserve fiscal discipline, further lowering the nonhydrocarbon primary deficit, while maintaining spending on social safety nets broadly unchanged relative to 2024.
• Sustained implementation of reforms under Oman Vision 2040 will be key to achieving sustainable, job rich, and private sector-led nonhydrocarbon growth.

Banking sector and financial stability

• The banking sector remains sound.
• Profitability has recovered to pre-pandemic levels.
• Capital and liquidity buffers are ample.
• Asset quality remains strong.
• Banks’ net foreign assets turned positive by end of 2023 for the first time since 2014.
• Continued efforts are underway to strengthen regulatory and supervisory frameworks.

Fiscal and social policy

• The authorities continue pursuing prudent fiscal management, amidst the successful rollout of the social protection law.
• The new social protection law has been successfully rolled out.
• Labor market reforms are ongoing, supported by the new labor law.

Key thematic subjects covered

• Anti-money laundering and combating the financing of terrorism (AML/CFT)
• Crime
• Oil prices
• Prices
• Public debt
• Revenue administration

Publication and document identifiers

• Pages: 76
• Volume: 2025
• Issue: 013
• Series: Country Report No. 2025/013
• DOI: https://doi.org/10.5089/9798400298318.002
• Stock No: 1OMNEA2025001
• ISBN: 9798400298318
• ISSN: 1934-7685

Oman: 2024 Article IV Consultation-Press Release; and Staff Report (IMF Staff Country Reports 2025, 013).

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