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Muscat: The Omani government will allocate significant funds to key social and sector support initiatives in the first half of 2024, reaffirming its commitment to the well-being of citizens and economic stability.
A major focus of government spending is social protection, with 280 million riyals allocated for welfare programs. This significant investment highlights the government’s ongoing efforts to support vulnerable groups and ensure that economic benefits reach all sectors of society. The funds aim to improve the quality of life of citizens by providing basic services and opportunities for a more secure and equitable future.
At the same time, the government has allocated 259 million riyals for electricity subsidies, aimed at keeping energy costs for households and businesses under control. By subsidizing electricity, the government not only reduces the financial burden on citizens, but also supports the business sector, promoting continued growth and productivity. This move is seen as key to maintaining economic stability, especially during times of global economic uncertainty.
In addition, the government has provided SR153 million to subsidize petroleum products, a move aimed at protecting the economy from unpredictable fluctuations in global oil prices. By ensuring that fuel prices remain stable, the government is helping to protect consumers and industries from external economic shocks, thereby maintaining economic resilience.
These targeted support measures underscore the Government’s strategic approach to managing the country’s economy. The Sultanate works to ensure its citizens are well supported, while fostering a stable environment conducive to economic growth, by focusing on social welfare and sectoral stability.
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