{
  "title": "Oman: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Oman",
  "publication": "IMF Staff Country Reports, September 12, 2021",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2021/09/10/oman-2021-article-iv-consultation-press-release-staff-report-and-statement-by-the-executive-465431",
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  "summary": "Sultan Haitham ascended to the throne in January 2020 and has committed to implementing strong fiscal and structural reforms to address longstanding vulnerabilities.",
  "sections": [
    {
      "heading": "Background and shocks",
      "content": "- Sultan Haitham ascended to the throne in January 2020 and committed to implementing strong fiscal and structural reforms to address longstanding vulnerabilities.\n- Oman faced persistent fiscal deficits arising from incomplete adjustment to lower oil prices since 2015.\n- In 2020 Oman experienced twin shocks: the COVID-19 pandemic and a collapse in oil prices, which amplified fiscal and external vulnerabilities.\n- The authorities moved rapidly to contain the spread of COVID-19 infections and provided broad-based policy measures to limit its impact on the economy."
    },
    {
      "heading": "Fiscal policy, Medium-Term Fiscal Plan (MTFP), and budget measures",
      "content": "- Frontloaded fiscal consolidation has been implemented in the 2021 budget as part of the authorities’ Medium-Term Fiscal Plan (MTFP).\n- The MTFP aims to eliminate the fiscal deficit over the medium term.\n- Persistent fiscal deficits prior to 2021 were linked to incomplete adjustment to lower oil prices since 2015."
    },
    {
      "heading": "Monetary, financial sector, and risks",
      "content": "- Banks have high capital buffers and liquidity.\n- Credit risk is a concern going forward."
    },
    {
      "heading": "Structural reforms and diversification",
      "content": "- Structural reforms have been accelerated under Oman Vision 2040.\n- Reform objectives include boosting non-oil private sector growth and facilitating job creation.\n\n---\n\n Content in this bundle\n\n- 1omnea2021001\n  - 1omnea2021001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1omnea2021001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: September 12, 2021",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513596020.002",
    "Sultan Haitham ascended to the throne in January 2020 and committed to implementing strong fiscal and structural reforms to address longstanding vulnerabilities.",
    "Oman faced persistent fiscal deficits arising from incomplete adjustment to lower oil prices since 2015.",
    "In 2020 Oman experienced twin shocks: the COVID-19 pandemic and a collapse in oil prices, which amplified fiscal and external vulnerabilities.",
    "The authorities moved rapidly to contain the spread of COVID-19 infections and provided broad-based policy measures to limit its impact on the economy.",
    "Frontloaded fiscal consolidation has been implemented in the 2021 budget as part of the authorities’ Medium-Term Fiscal Plan (MTFP).",
    "The MTFP aims to eliminate the fiscal deficit over the medium term.",
    "Persistent fiscal deficits prior to 2021 were linked to incomplete adjustment to lower oil prices since 2015.",
    "Banks have high capital buffers and liquidity.",
    "Credit risk is a concern going forward.",
    "Structural reforms have been accelerated under Oman Vision 2040.",
    "Reform objectives include boosting non-oil private sector growth and facilitating job creation.",
    "**1omnea2021001**"
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