Preparatory
Meeting to Devise Financial Framework for 11th Five-Year Development Plan
Muscat,
19 May (ONA) — The Ministry of Finance today organized a preparatory meeting to
draft the state’s general budget for the fiscal year 2026 and the financial
framework for the 11th Five-Year Development Plan (2026–2030), in accordance
with Financial Circular No. (1) of 2025 regarding the state budget regulations
for the fiscal year 2026. The meeting was attended by representatives from 70
units of the state’s administrative apparatus.
The
meeting aimed to explain Financial Circular No. (1/2025) pertaining to the
regulations for preparing the state’s general budget estimates for the fiscal
year 2026 and the financial framework for the 11th Five-Year Plan (2026–2030),
as well as to outline the approval criteria for development projects under the
11th Five-Year Plan (2026–2030).
Additionally,
the meeting emphasized the need to align government entities’ financial
allocations with their annual plans while ensuring adherence to performance
indicators, controlling public spending, and linking budget estimates to
performance-based and program budgeting principles.
Abdullah
Salim Al Harthy, Undersecretary of the Ministry of Finance, affirmed that the
financial policies and measures adopted by the government since 2020, coupled
with rising oil prices, have directly contributed to the improvement of the
country’s economic and financial indicators—most notably the reduction of
public debt and the restoration of creditworthiness. However, he noted that
this progress remains variable and unstable.
In
his address, he stated that drafting next year’s 2026 budget and the 11th
Five-Year Plan comes amid increasing uncertainty surrounding the global
economy, as geopolitical challenges continue to impact economic stability amid
ongoing fluctuations in energy and commodity prices. This necessitates the
ministry’s continued cooperation with all government entities to manage public
finances as planned, enhancing non-oil revenue growth, improving public
spending efficiency, and maintaining fiscal discipline.
For
his part, Mohammed Ahmed Al Barashdi, Director General of the Budget at the
Ministry of Finance, explained that the meeting with government representatives
reflects the commitment to fostering integration and coordination among various
state units. It aims to prepare accurate estimates for the state’s general
budget for the upcoming fiscal year 2026 and clarify the financial framework
for the 11th Five-Year Plan (2026–2030), ensuring alignment with government
priorities and efforts to enhance spending efficiency.
——
Ends/AH
