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Muscat: The Economic Stimulus Plan (ESP) approved by Oman’s Sultan Haitham bin Tarik on Tuesday aims to put Oman back on track of economic recovery post the setback due to COVID-19 pandemic. A set of mechanisms and procedures has been adopted to ensure a speedy recovery of economic activities. In October 2020, Oman’s Ministry of Economy set up a working group to develop policies and programmes to stimulate the Omani economy. The ESP that was announced yesterday, March 9, is expected to auger well for the recovery of the local market, apart from providing the much needed stimuli to small and medium enterprises, which was poised for a good take off before the pandemic. The plans factored in the ESP will also attract more investments into Oman and improve the business environment. Furthermore those sectors that were identified for economic diversification as part of the tenth FYP (five year plan) will receive a further shot in the arm with the ESP announced now.

Oman ministry of economyStock oman muscatEconomic stimulus planSultan haithamImage creditஓமான் அமைச்சகம் ஆஃப் பொருளாதாரம்ஸ்டாக் ஓமான் மஸ்கட்பொருளாதார ஸ்டிம்யுலஸ் திட்டம்சுல்தான் ஹைதம்படம் கடன்