Oman Launches Financial Reforms to Support Growth and Sustainability

Oman, 18 November, 2024 : In 2024, Oman launched key financial reforms to enhance sustainability and resilience. The establishment of the Financial Services Authority (FSA) through Royal Decree No. 20/2024 aims to regulate various sectors, including accounting, capital markets, and insurance, promoting economic diversification and investment.  

Simultaneously, the Estidamah programme introduces over 74 initiatives to strengthen the financial sector, focusing on improving financial indicators and supporting SMEs. The government aims for 5.5% of bank loans to go to SMEs by 2025, boosting entrepreneurship and job creation.  

The IMF has supported these reforms, recommending measures to deepen the financial sector, enhance market liquidity, and attract investment. These initiatives are key to Oman's Vision 2040, aiming for long-term economic growth.

Source : www.zawya.com