Oman’s Sultan Haitham Bin Tarik has approved the country's fiscal plans for the next four years that will see it cut back on government spending and reduce national debt, the Oman News Agency (ONA) reported on Thursday.
The royal decree set rules for the financial sustainability of the Sultanate and will also focus on diversifying the economy to reduce its reliance on hydrocarbons as part of its efforts to boost the state’s financial reserves.
The decree is aims to improve investment returns from government assets to offset low oil prices and their impact on economic growth, ONA reported.
The Sultan's order also included 371 million rials ($964.8 million) for the development of regional towns.
Since succeeding the late Sultan Qaboos bin Said on January 11, Sultan Haitham has rolled out various measures to cope with the economic fallout from the coronavirus pandemic and low oil prices to stimulate the economy, including introducing a five per cent value-added tax (VAT), which will begin in the second quarter of 2021.
In August, the Sultan ordered all civil servants who had completed 30 years of service to be retired as part of the government's cost-saving measures.
He also reshuffled the cabinet last month and streamlined civil ministries from 26 to just 19 for a leaner and more efficient government.
On Wednesday, it raised $2 billion in its first international bond sale since July 2019.
However, economists say the government needs to wean itself off oil income to offset the fiscal deficit.
“Oman has been talking about a diversification programme for many years but little has been done about it. It simply cannot depend on oil income alone. Privatisation is the way forward here,” economist Khalid Al Sabahi said.
The Sultanate based its 2020 fiscal budget on oil trading at $58 per barrel. However, with crude currently trading at about $42 per barrel, the government is preparing for a deficit of 2.5 billion rials in 2020, slightly lower than the 2.8 billion rials projected in the 2019 budget.
Coronavirus has also hit the country’s tourism industry hard. In 2019, Oman received more than three million tourists compared with fewer than 200,000 this year. It also cancelled the Khareef festival in the southern city of Salalah, one of the major tourist attractions in the country.
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
RESULT
Manchester City 5 Swansea City 0
Man City: D Silva (12'), Sterling (16'), De Bruyne (54' ), B Silva (64' minutes), Jesus (88')
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If you had all the money in the world, what’s the one sneaker you would buy or create?
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New process leads to panic among jobseekers
As a UAE-based travel agent who processes tourist visas from the Philippines, Jennifer Pacia Gado is fielding a lot of calls from concerned travellers just now. And they are all asking the same question.
“My clients are mostly Filipinos, and they [all want to know] about good conduct certificates,” says the 34-year-old Filipina, who has lived in the UAE for five years.
Ms Gado contacted the Philippines Embassy to get more information on the certificate so she can share it with her clients. She says many are worried about the process and associated costs – which could be as high as Dh500 to obtain and attest a good conduct certificate from the Philippines for jobseekers already living in the UAE.
“They are worried about this because when they arrive here without the NBI [National Bureau of Investigation] clearance, it is a hassle because it takes time,” she says.
“They need to go first to the embassy to apply for the application of the NBI clearance. After that they have go to the police station [in the UAE] for the fingerprints. And then they will apply for the special power of attorney so that someone can finish the process in the Philippines. So it is a long process and more expensive if you are doing it from here.”
COMPANY PROFILE
Name: Almnssa
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Based: Gaza
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
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Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
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MATCH INFO
Fixture: Ukraine v Portugal, Monday, 10.45pm (UAE)
TV: BeIN Sports
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