Muscat: The assessment being conducted by the government and state institutions concerned to tackle the economic and social impacts resulting from the sharp slump in oil prices is aimed at developing practical solutions, Saeed Fahd Bin Mahmoud Al Saeed, Deputy Prime Minister for the Council of Ministers, said.
The Sultanate, since the Renaissance in 1970, has survived fluctuations in oil prices, Saeed Fahd said in a statement to the Oman News Agency (ONA). Oman has been able, through the vision of Sultan Qaboos Bin Saeed and the collaboration of its citizens’ efforts, to overcome all challenges. The country has achieved advanced rates of economic and social development, despite the fact that, during those critical stages, there was no such infrastructure or economic diversification or investment as can be witnessed today, he said.
The Renaissance refers to the start of Sultan Qaboos’ rule.
On addressing the current developments in oil prices, action is focused on avoiding their impact on the lives of citizens or the services being rendered to them, he said, adding that the action will not affect the policies of Omanisation or employment or training programmes in the government and private sectors or the entitlements of employees or workers.
These are considered basics that reflect the Sultan’s keenness to provide a decent life for citizens in this resourceful country, he added.
As for precautionary measures and the forging of innovative solutions for sources of income to enhance the State’s resources to address the slump in oil prices, steps have been taken to consider these solutions seriously and in a balanced manner that takes into account the need to maintain economic and social growth, commercial activity and investment in the country, since these form the cornerstone of sustainable development and since oil prices are subject to rise and decline according to global circumstances, he said. It is hoped that oil prices will be stable after the removal of the conditions that led to their decline, the statement said.
While espousing the principle of enlightened optimism, the Sultanate is forging ahead with full determination in the march of comprehensive nation building that has earned the country the appreciation of world countries, the statement said.
— Saif Said is a journalist based in Muscat
