Oman to curb inflation under 5-year plan

10 Nov 2010

(MENAFN) Oman’s Minister of National Economy, Ahmad Bin Abdul Nabi Macki, announced that the Sultanate has set a Five Year Plan aiming to control inflation, to be implemented starting 2011, Gulf News reported.

The plan aims to maintain the macroeconomic stability and economical balance that ensure the steady growth in gross domestic product (GDP), and increase per capita income. However, the primary focus would be curbing inflation, Macki stated.

Also, attention will be given to agriculture development and fisheries so that food security could be provided. The Plan will also focus on developing small and medium enterprises, stimulate the local private sector to invest in developing exports, encourage investments and raise productivity.

Macki said the current Plan, which ends next year, has seen the downsizing of the public debt, the growth of state reserves, and development of foreign direct investment.

The Eighth Five Year Plan will look at creating more employment opportunities for citizens and youth in particular, and confirmed that the government will continue its economic diversification policy during the Plan, said the Minister.

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