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Middle East and Central Asia > Oman

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Cover IMF Staff Country Reports
عُمان: قضايا مختارة
International Monetary Fund. Middle East and Central Asia Dept.
عُمان: قضايا مختارة
Keywords:
capital markets incentives program; private sector employment; employment growth; SME growth; development in Oman; Digitalization; Capital markets; Stock markets; Securities markets; Global; South Asia; Caribbean
Cover IMF Staff Country Reports
سلطنة عُمان: مشاورات المادة الرابعة لعام 2024 – بيان صحفي؛ وتقرير الموظفين
International Monetary Fund. Middle East and Central Asia Dept.
حققت سلطنة عُمان تحسنا ملحوظا في أساسيات اقتصادها. فقد تحسن مركز المالية العامة والمركز الخارجي تحسنا كبيرا، في حين يشهد النمو غير الهيدروكربوني انتعاشا في ظل انخفاض التضخم. كما زادت ثقة المستثمرين، مما يمهد الطريق لزيادة استثمارات القطاع الخاص. ويمكن لجهود لإصلاح المستمرة تعظيم المكاسب المتحققة من هذه الإنجازات، والمساعدة على تحقيق التحول الاقتصادي المستهدف على النحو الوارد في رؤية عُمان 2040.
Keywords:
ترسيخ الاستدامة المالية; تقوية مؤسسات المالية العامة; إدارة السيولة; رؤية عُمان 2040; زيادة الفرص التجارية
Cover IMF Staff Country Reports
Oman: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
2024 Selected Issues
Keywords:
capital markets incentives program; private sector employment; employment growth; SME growth; development in Oman; Digitalization; Capital markets; Stock markets; Securities markets; Global; South Asia; Caribbean
Cover IMF Staff Country Reports
Oman: 2024 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
Oman has achieved a remarkable improvement in its economic fundamentals. The fiscal and external positions have strengthened significantly, while nonhydrocarbon growth is picking up amid low inflation. Investor confidence has increased, paving the way for rising private sector investments. Sustained reform efforts would amplify gains from these accomplishments and help achieve the targeted economic transformation as set out under Oman Vision 2040.
Keywords:
FSAP update mission; ROSC reassessment mission; FSAP mission; data ROSC; debt management strategy; FSAP participation; Oil prices; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global
Cover Policy Papers
Gulf Cooperation Council: Pursuing Visions Amid Geopolitical Turbulence: Economic Prospects and Policy Challenges for the GCC Countries
International Monetary Fund. Middle East and Central Asia Dept.
The Gulf Cooperation Council countries have successfully weathered recent turbulence in the Middle East, and their economic prospects remain favorable. Nonhydrocarbon activity has been strong amid reform implementation, although overall growth has decelerated due to cuts in oil production. The growth outlook is positive, as the envisaged easing of oil production cuts and natural gas expansion spur the recovery in the hydrocarbon sector, while the nonhydrocarbon economy continues to expand. External buffers remain comfortable despite current account balances having narrowed. Risks around the outlook are broadly balanced in the near term. More challenging medium-term risks, especially in the context of geoeconomic fragmentation and climate change, call for action on policy priorities to continue to strengthen the private sector and to diversify the economy.
Keywords:
economic diversification; financial stability; fiscal sustainability; GCC; productivity improvements; regional integration; GCC country; policy priority; B. GCC; GCC well; GCC public sector balance sheet; Labor markets; Fiscal rules; Total factor productivity; Global; Middle East; Middle East and Central Asia
Cover Policy Papers
2024 Review Of The Fund's Transparency Policy And Open Archives Policy—Background Paper 1 On Key Trends
International Monetary Fund. Strategy, Policy, & Review Department
On November 15, 2024, the IMF’s Executive Board concluded the Review of the IMF’s Transparency Policy and Open Archives Policy and approved a number of reforms. As an international institution, making important documents available to the public on timely basis enhances the IMF’s credibility, accountability, and effectiveness and is critical to fulfill its mandate of promoting global economic and financial stability. While transparency at the IMF is achieved through a range of policies and practices, the Transparency Policy and the Open Archives Policy form the core elements of the IMF’s transparency framework. The Fund has come a long way since the inception of these policies in the early nineties. Most Board documents are now published, published more quickly, and under more consistent and evenhanded application of modification rules. The information available in the Fund’s archives has increased and is more easily accessible to the public. While experience suggests that these policies are effective in delivering on their objectives, the landscape in which the Fund operates has evolved since these policies were last reviewed in 2013. In a more interconnected and shock-prone world the pace with which policymakers need to make decisions has accelerated and the expectations of stakeholders on the availability and timeliness of the Fund’s analysis and policy advice has grown. Against this backdrop, the 2024 Review of the IMF’s Transparency Policy and Open Archives Policy focuses on targeted reforms to (i) support faster publication of board documents and communications of Board’s decisions; (ii) strengthen the rules and processes to modify Board documents prior to publication; and (iii) allow faster release of some documents in the Fund’s archives accessible to the public. The reforms further clarify the scope and objectives of these policies, their implementation processes, and how to strengthen knowledge sharing. The review was supported by data analysis as well as surveys and consultations with key stakeholders, including Executive Directors, country authorities, IMF missions chiefs, and civil society organizations as detailed in the three background papers accompanying this 2024 review.
Keywords:
Accountability; Archives; Communication; Independence; Lending; Modification Rules; Publication; Surveillance Transparency; country paper; publication rate; transparency Policy review; IMF's transparency Policy; lags of country document; Financial Sector Assessment Program; Global financial crisis of 2008-2009; Income; Financial sector; Anti-money laundering and combating the financing of terrorism (AML/CFT); Central and Eastern Europe; Global; Caribbean
Cover Policy Papers
Annual Update on SDR Trading Operations
International Monetary Fund. Finance Dept.
This paper provides an update on the status of the SDR trading market and operations. For more than three decades, SDRs have exclusively been exchanged for freely usable currencies in transactions by agreement, primarily through the Voluntary Trading Arrangements (VTAs). A small fraction of transactions by agreement—sales or acquisitions of SDRs—has been arranged directly between parties. VTAs are bilateral arrangements between the Fund and SDR department participants or prescribed holders, in which the VTA participants agree to buy and sell SDRs within certain limits. The paper covers SDR trading operations during the period September 2023 to August 2024.
Keywords:
SDR trading capacity; SDR sale; SDR department participant; SDR amount; IMF SDR webpage; SDR interest rate; Currencies; Liquidity; Trading arrangements; Freely usable currencies; Middle East and Central Asia
Cover Policy Papers
2024 Staff Guidance Note On The IMF’s Engagement With Small Developing States
International Monetary Fund. Strategy, Policy, & Review Department
This guidance note provides operational guidance on the Fund’s engagement with small developing states (SDS). It highlights the unique economic characteristics and constraints facing SDS, notably in a more shock-prone world. Building on advice that applies to the full membership, the note explains how the characteristics of SDS shape Fund surveillance, financial support and program design, capacity development (CD), and collaboration with other institutions and donors. The note updates the previous version that was published in December 2017.
Keywords:
fund surveillance; financial support; transparency policy; lending to SDS circumstances; SDS wg; SDS authority; Climate change; Natural disasters; Climate finance; Global; Caribbean; Pacific Islands
Cover Selected Issues Papers
Monetary Policy Transmission in Oman
Thomas Kroen
Amid a pegged exchange rate to the US dollar and an open capital account, Oman’s policy rates move closely with US monetary policy. In this analysis, we show empirically that transmission from policy rates into effective lending and deposit rates remains subdued in Oman, even compared to GCC peers that similarly face a high oil price environment with persistent excess liquidity in the banking system. A cap on personal loan rates and low exposure of banks to SMEs and riskier borrowers limit passthrough into effective lending rates and credit conditions. The note documents ongoing actions by Omani policymakers to strengthen transmission and provides further recommendations on liquidity management, reserve management, and relaxing the interest rate cap.
Keywords:
monetary policy transmission; Oman's policy rates move; Fed policy rate hike; transmission from policy; credit growth; Deposit rates; Credit; Central bank policy rate; Excess liquidity; Interest rate ceilings
Cover Selected Issues Papers
Lifting productivity in Oman: The Role of Structural Reforms
Muayad Ismail
and
Haytem Troug
Oman’s potential nonhydrocarbon real GDP growth has trended downward since the global financial crisis, with a negative contribution from total factor productivity. This paper estimates productivity gains associated with structural reforms and identifies key binding constraints and reform priorities to boost productivity in Oman. Our results show that reforms to reduce the state’s footprint and strengthen institutions, as well as product market reforms, should be prioritized and packaged together to magnify productivity gains from labor market and financial sector reforms. These findings could inform the planning and implementation of the ongoing structural reform agenda envisaged under Oman Vision 2040.
Keywords:
Economic diversification; productivity; Oman; structural reforms; productivity gain; Lifting productivity; hydrocarbon real GDP growth; reform priority; product market reform; Commodity markets; Labor markets; Total factor productivity; Global