News Column

Oman's economic performance 'robust' in 2013, notes IMF Workshop

May 13, 2014

Real non-hydrocarbon sector is estimated to have grown by 5.5 per cent in 2013 and is projected to remain so in 2014. Fiscal and external sectors are estimated to have posted surpluses in 2013 at over 5.5 per cent and around 10 per cent of GDP, respectively. Fiscal and external surpluses are expected as well in 2014, though of lower magnitude.

Oman's public investment programme is expected to help maintain non-hydrocarbon growth around 5.0 per cent over the medium term. The banking system remains profitable and stable, with an average return on assets of 1.6 per cent, return of equity of 11 per cent, capital adequacy ratio of 16.2 per cent, and gross nonperforming loans of 2.1 per cent as of December 2013.

These figures were highlighted by an International Monetary Fund (IMF) mission comprising Ananthakrishnan Prasad and Ms. Mariana Colacelli, which visited Oman to hold a two-day workshop with staff of the Central Bank of Oman (CBO) on 7-8 May 2014, on Oman's medium-term macroeconomic framework.

This collaborative workshop is a step to support the authorities' upcoming reform agenda that includes strengthening Oman's public finances through  a targeted reduction in energy subsidies and introducing a medium-term budget framework to help anchor fiscal policy and support macroeconomic stability.

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Source: CPI Financial

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