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Development as planned: Macki

MUSCAT — Ahmed bin Abdulnabi Macki, minister of national economy and deputy chairman of the Financial Affairs and Energy Resources Council, said yesterday that the Sultanate would go ahead with its development plans despite the global financial crisis and its impact on the Omani economy.

Addressing a closed-door session of Majlis Al Shura yesterday, he said the Omani economy would continue its growth by at least 3 per cent and the government would go ahead with its development programmes.

However, the priorities would be re-arranged, he added.

“The government is very keen on implementing all the approved projects. However, there will be a hedge against any fluctuation in the global financial position,” he said.

“The financial situation of the Sultanate is sound and the investment size still growing,” he added. He affirmed that the Sultanate had taken a number of precautionary measures, including assurance of liquidity for the banking sector in case necessity arises.

“The establishment of RO150 million fund to support the securities market aims at ensuring stability of the market and limiting deterioration of prices.

“The companies listed on the MSM fared well and many of them have posted good profits after the launch of the fund,” he added.

“While low oil prices will have its impact, the government has alternative plans in case the oil price falls to lower rates than present rate”.

A number of Majlis members raised questions on the condition of the national economy and foreign investments and how far these had been affected by the global crisis. They also focused on the fall in oil prices and the government’s alternative plans.

The session began with a speech by Sheikh Ahmed bin Mohammed Al Isa’ee, chairman of Majlis Al Shura.

“Majlis Al Shura follows with great interest the global financial crisis which has affected most countries in the world, of which we are part of. Therefore, the Majlis desires to have a clearer picture on the measures already taken or to be taken by the government in this regard,” Al Isa’ee said.

He pointed out that the meeting is an integration of the role of the government and a bid by the Majlis to submit its proposal to keep the negative impact of the financial crisis on the national economy at its minimum. The Majlis calls upon all state departments, including research and academic organisations to give their views and proposals, he said. — (With inputs from ONA)