(MENAFN- Muscat Daily) H H Sayyid Fahd bin Mahmoud al Said Deputy Prime Minister for the Council of Ministers has issued a statement about the nation's method of addressing the current global economic situation that led to the decline of oil prices.
H H Sayyid Fahd reaffirmed that development projects will continue and steps are being taken to avoid any negative impact on the lives of Omani citizens. The statement reads as follows:
'The assessment being conducted by the government and state institutions concerned with tackling the economic and social impacts resulting from the sharp slump in oil prices is aimed at developing practical solutions that take into account many applicable options.
'The sultanate since the outset of its Blessed Renaissance in 1970 has survived fluctuations in oil prices.
'It has been able through the enlightened vision of His Majesty Sultan Qaboos bin Said and the collaboration of its citizens' efforts to overcome all challenges. It has achieved advanced rates of economic and social development despite the fact that during those critical stages there was no such infrastructure or economic diversification or investment as can be witnessed today in full fruition in every inch of the country.
'About addressing the current developments in oil prices action is focused on avoiding their impact on the lives of citizens or the services being rendered to them. This action will not affect the policies of Omanisation or employment or training programmes in the government and private sectors or the entitlements of employees or workers. These are considered basics that reflect His Majesty the Sultan's keenness to provide a decent life for citizens in this resourceful country. So these will work will continue in accordance with these principles.
'As for precautionary measures and the forging of innovative solutions for sources of income to enhance the state's resources to address the slump in oil prices steps have been taken to consider these solutions seriously and in a balanced manner that takes into account the need to maintain economic and social growth commercial activity and investment in the country since these form the cornerstone of sustainable development and since oil prices are subject to rise and decline according to global circumstances.
'It is hoped that oil prices will be stable after the disappearance of the conditions that led to their decline. Encouraging investment and local and foreign investors executing major strategic projects or production projects of public benefit and activating the role of the private sector…all come within the context of fundamental development objectives that the government seeks to support by all means in order to establish a stable economic status that promotes the rates of development in the country.
'While espousing the principle of enlightened optimism the sultanate is forging ahead with full determination in the march of comprehensive nation-building that has earned the country the appreciation of world countries. May the Almighty protect His Majesty the Sultan and grant him a long life to lead Oman towards wider horizons of progress and prosperity!'
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.