Abstract
OMAN
Title Page
OMAN
STAFF REPORT FOR THE 2022 ARTICLE IV CONSULTATION—INFORMATIONAL ANNEX
October 24, 2022
Prepared By
Middle East and Central Asia Department with inputs from other departments and the World Bank
Contents
FUND RELATIONS
RELATIONS WITH THE WORLD BANK GROUP
STATISTICAL ISSUES
Fund Relations
(As of July 11, 2022)
I. Membership Status: Joined: December 23, 1971; Article VIII
| II. General Resources Account: | SDR Million | %Quota |
| Quota | 544.40 | 100.00 |
| IMF’s Holdings of Currency (Holdings Rate) | 413.74 | 76.00 |
| Reserve Tranche Position | 130.70 | 24.01 |
| II. General Resources Account: | SDR Million | %Quota |
| Quota | 544.40 | 100.00 |
| IMF’s Holdings of Currency (Holdings Rate) | 413.74 | 76.00 |
| Reserve Tranche Position | 130.70 | 24.01 |
| III. SDR Department: | SDR Million | %Allocation |
| Net cumulative allocation | 700.60 | 100.00 |
| Holdings | 709.08 | 101.21 |
| III. SDR Department: | SDR Million | %Allocation |
| Net cumulative allocation | 700.60 | 100.00 |
| Holdings | 709.08 | 101.21 |
IV. Outstanding Purchases and Loans: None
V. Latest Financial Commitments: None
VI. Overdue Obligations and Projected Payments to Fund1
(SDR Million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
| 2022 | 2023 | 2024 | 2025 | 2026 | |
| Principal | |||||
| Charges/Interest | 0.01 | 0.01 | 0.01 | 0.01 | |
| Total | 0.01 | 0.01 | 0.01 | 0.01 | |
| Forthcoming | |||||
| 2022 | 2023 | 2024 | 2025 | 2026 | |
| Principal | |||||
| Charges/Interest | 0.01 | 0.01 | 0.01 | 0.01 | |
| Total | 0.01 | 0.01 | 0.01 | 0.01 | |
VII. Implementation of HIPC Initiative: Not Applicable
VIII. Implementation of Multilateral Debt Relief Initiative (MDRI): Not Applicable
IX. Implementation of Catastrophe Containment and Relief (CCR): Not Applicable
As of February 4, 2015, the Post-Catastrophe Debt Relief Trust has been transformed to the Catastrophe Containment and Relief (CCR) Trust.
Exchange Arrangements
The currency of Oman is the Omani rial. The exchange rate arrangement is a conventional peg and Omani rial has been pegged to the U.S. dollar since January 1986 at a rate of RO 1 = $2.6008. The central bank maintains fixed buying/selling rates (RO 1 = $2.5974/2.6042) for the U.S. dollar. Oman has accepted the obligations of Article VIII, Sections 2(a), 3, and 4 and maintains an exchange system that is free of restrictions on the making of payments and transfers for current international transactions and multiple currency practices. Oman maintains exchange restrictions for security reasons that have been notified to the Fund for approval under Decision No. 144(52/51) (EBD/05/106, 9/27/05).
Article IV Consultations
Oman is on the annual consultation cycle. The previous consultation discussions were held during May 24 to June 7, 2021. The 2021 Article IV consultation was concluded by the Executive Board on August 25, 2021 (SM/21/143).
FSAP Participation, ROSCs, and OFC Assessments
FSAP missions visited Oman in February and May 2003. An FSAP update mission visited Oman in October 2010, and was concluded on February 23, 2011 (SM/11/26). A Data ROSC was conducted by STA in February 2004, and a ROSC reassessment mission took place in November 2014.
Fund Technical Assistance (since 2015)
| LEG | AML/CFT Framework | January 2015 |
| STA | National Accounts Statistics | March 2015 |
| STA | Import Price Index | November 2015 |
| STA | Balance of Payments Statistics | December 2015 |
| LEG | AML/CFT Framework | January 2016 |
| STA | National Accounts Statistics | April 2016 |
| FAD | Medium-Term Fiscal Framework | August 2016 |
| LEG | AML/CFT Framework | December 2016 |
| FAD | Tax Administration | March 2017 |
| STA | National Accounts Statistics | May 2017 |
| LEG | AML/CFT Framework | July 2017 |
| MCM | Monetary Policy Operations | April 2018 |
| STA | e-GDDS | April 2018 |
| FAD | Tax Administration | April 2018 |
| LEG | AML/CFT Framework | January 2019 |
| MCM | Government Debt Management | June 2021 |
| FAD | Strengthening the Macro Fiscal Unit | June 2021 |
| MCM | Debt Management Strategy | February 2022 |
| STA | External Sector Statistics | March 2022 |
| FAD | Tax Administration | May 2022 |
| LEG | AML/CFT Framework | January 2015 |
| STA | National Accounts Statistics | March 2015 |
| STA | Import Price Index | November 2015 |
| STA | Balance of Payments Statistics | December 2015 |
| LEG | AML/CFT Framework | January 2016 |
| STA | National Accounts Statistics | April 2016 |
| FAD | Medium-Term Fiscal Framework | August 2016 |
| LEG | AML/CFT Framework | December 2016 |
| FAD | Tax Administration | March 2017 |
| STA | National Accounts Statistics | May 2017 |
| LEG | AML/CFT Framework | July 2017 |
| MCM | Monetary Policy Operations | April 2018 |
| STA | e-GDDS | April 2018 |
| FAD | Tax Administration | April 2018 |
| LEG | AML/CFT Framework | January 2019 |
| MCM | Government Debt Management | June 2021 |
| FAD | Strengthening the Macro Fiscal Unit | June 2021 |
| MCM | Debt Management Strategy | February 2022 |
| STA | External Sector Statistics | March 2022 |
| FAD | Tax Administration | May 2022 |
Resident Representative:
No resident representative is stationed in Oman.
Relations with the World Bank Group
(As of July 11, 2022)
World Bank Country Page:
https://www.worldbank.org/en/country/gcc/brief/oman-country-program
Statistical Issues
(As of June 27, 2021)
| I. Assessment of Data Adequacy for Surveillance |
| General: Data provision has some shortcomings due to capacity constraints, but is broadly adequate for surveillance. |
| National Accounts: Oman’s national accounts have a base year of 2018. Quarterly estimates of nominal GDP allow comparison of calendar year to date with calendar year to date for the previous period. Volume quarterly estimates are being compiled but not yet released. Coherent quarterly data require implementation of standard international techniques. A 2017 TA mission was conducted to assist with improving the compilation of national account data including calculation of volume estimates of taxes less subsidies on products. The National Centre for Statistics and Information (NCSI) improved the methodology to estimate the volume measures of taxes less subsidies on products in 2018. Price statistics: Consumer and producer price indexes (CPI/PPI) are published a monthly basis. The PPI, which includes separate indexes, should be updated as the current weight reference period is 2007. A real estate property price index was developed but it was kept for the authorities’ internal use and was not published. |
| Government finance statistics: High level monthly fiscal performance is published with a short lag. Data published in the Government Finance Statistics Yearbok only cover the budgetary central government through 2013. The published data do not provide comprehensive coverage of the public sector, not covering state-owned enterprises (SOEs), pension funds, the Oman Investment Authority (OIA), and Energy Development Oman (EDO). The authorities provide the Article IV consultation missions with a more comprehensive analytical presentation of the budget as well as information on government debt, OIA assets, and SOEs debt. |
| Monetary and financial statistics: The Central Bank of Oman (CBO) reports monetary and financial statistics for the CBO and other depository corporations (ODCs) using standardized report forms (SRFs) which comply with the methodology of the IMF’s Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG). These are published in the International Financial Statistics (IFS). It submits data on some basic indicators and series to the Financial Access Survey (FAS), including the two indicators adopted by the UN to monitor Target 8.10.1 of the Sustainable Development Goals (SDGs). |
| Financial Sector Surveillance: Financial soundness indicators (FSIs) are communicated to AIV consultation missions, but not yet disseminated to STA The CBO is working on a system to do so. |
| Balance of payments: Data for most balance of payment entries are adequate. Following the recommendations of previous IMF TA missions, the CBO has implemented an International Transactions Reporting System (ITRS) to collect additional information on external transactions of Omani residents. The main priorities are to enhance the quality of quarterly BoP data, improve the timeliness and coverage of quarterly foreign investment surveys, enhance the coverage of data for non-financial institutions and further develop cooperation with other government and non-government entities. The 2022 TA mission worked with external sector compilers to improve the compilation and dissemination of external sector statistics (ESS) and adapt the Balance of Payments and International Investment Position Manual (BPM6). The authorities do not currently publish Reserve Template, external debt, and do not participate in the Coordinated Direct Investment Survey. Data are being provided to the Article IV consultation missions. The treatment of free economic zones, remittances, and transactions related to production sharing agreements and direct investment assets, also needs updating, as well as a breakdown accounting on financial flows. |
| II. Data Standards and Quality |
| In August 2018, Oman fully implemented the e-GDDS by launching a National Summary Data Page. Metadata for most data categories were updated in May 2018. |
| I. Assessment of Data Adequacy for Surveillance |
| General: Data provision has some shortcomings due to capacity constraints, but is broadly adequate for surveillance. |
| National Accounts: Oman’s national accounts have a base year of 2018. Quarterly estimates of nominal GDP allow comparison of calendar year to date with calendar year to date for the previous period. Volume quarterly estimates are being compiled but not yet released. Coherent quarterly data require implementation of standard international techniques. A 2017 TA mission was conducted to assist with improving the compilation of national account data including calculation of volume estimates of taxes less subsidies on products. The National Centre for Statistics and Information (NCSI) improved the methodology to estimate the volume measures of taxes less subsidies on products in 2018. Price statistics: Consumer and producer price indexes (CPI/PPI) are published a monthly basis. The PPI, which includes separate indexes, should be updated as the current weight reference period is 2007. A real estate property price index was developed but it was kept for the authorities’ internal use and was not published. |
| Government finance statistics: High level monthly fiscal performance is published with a short lag. Data published in the Government Finance Statistics Yearbok only cover the budgetary central government through 2013. The published data do not provide comprehensive coverage of the public sector, not covering state-owned enterprises (SOEs), pension funds, the Oman Investment Authority (OIA), and Energy Development Oman (EDO). The authorities provide the Article IV consultation missions with a more comprehensive analytical presentation of the budget as well as information on government debt, OIA assets, and SOEs debt. |
| Monetary and financial statistics: The Central Bank of Oman (CBO) reports monetary and financial statistics for the CBO and other depository corporations (ODCs) using standardized report forms (SRFs) which comply with the methodology of the IMF’s Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG). These are published in the International Financial Statistics (IFS). It submits data on some basic indicators and series to the Financial Access Survey (FAS), including the two indicators adopted by the UN to monitor Target 8.10.1 of the Sustainable Development Goals (SDGs). |
| Financial Sector Surveillance: Financial soundness indicators (FSIs) are communicated to AIV consultation missions, but not yet disseminated to STA The CBO is working on a system to do so. |
| Balance of payments: Data for most balance of payment entries are adequate. Following the recommendations of previous IMF TA missions, the CBO has implemented an International Transactions Reporting System (ITRS) to collect additional information on external transactions of Omani residents. The main priorities are to enhance the quality of quarterly BoP data, improve the timeliness and coverage of quarterly foreign investment surveys, enhance the coverage of data for non-financial institutions and further develop cooperation with other government and non-government entities. The 2022 TA mission worked with external sector compilers to improve the compilation and dissemination of external sector statistics (ESS) and adapt the Balance of Payments and International Investment Position Manual (BPM6). The authorities do not currently publish Reserve Template, external debt, and do not participate in the Coordinated Direct Investment Survey. Data are being provided to the Article IV consultation missions. The treatment of free economic zones, remittances, and transactions related to production sharing agreements and direct investment assets, also needs updating, as well as a breakdown accounting on financial flows. |
| II. Data Standards and Quality |
| In August 2018, Oman fully implemented the e-GDDS by launching a National Summary Data Page. Metadata for most data categories were updated in May 2018. |
Table of Common Indicators Required for Surveillance (As of September 20, 2022)
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by means as well as the notional values of derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially determined, including discount rates, money market rates, and rates on treasury bills, notes and bonds.
Domestic and foreign.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
Table of Common Indicators Required for Surveillance (As of September 20, 2022)
| Date of Latest Observation | Date Received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
|---|---|---|---|---|---|
| Exchange rates | Real time | Real time | D | D | D |
| International reserve assets and reserve liabilities of the monetary authorities1 | Jun 2022 | Jul. 2022 | M | M | M |
| Reserve/base money | Jun. 2022 | Jul. 2022 | M | M | M |
| Broad money | Jun. 2022 | Jun. 2022 | M | M | M |
| Central bank balance sheet | Jun. 2022 | Jul. 2022 | M | M | M |
| Consolidated balance sheet of the banking system | June. 2022 | Jul. 2022 | M | M | M |
| Interest rates2 | Jun. 2022 | Jul. 2022 | M | M | M |
| Consumer price index | Jun. 2022 | Jul 2022 | M | M | M |
| Revenue, expenditure, balance and composition of financing3– central government | 2021 | Jun. 2022 | A | A | A |
| Stocks of central government and central government-guaranteed debt4 | 2021 | Jun. 2022 | A | A | A |
| External current account balance | 2021 | Jun. 2022 | A | A | A |
| Exports and imports of goods | Mar. 2022 | Jun. 2022 | M | M | M |
| GDP/GNP | Jun. 2022 | Jul. 2022 | Q | Q | Q |
| Gross external debt | 2021 | Jun. 2022 | A | I | NA |
| International investment position5 | 2021 | Sep. 2022 | A | I | NA |
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by means as well as the notional values of derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially determined, including discount rates, money market rates, and rates on treasury bills, notes and bonds.
Domestic and foreign.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
Table of Common Indicators Required for Surveillance (As of September 20, 2022)
| Date of Latest Observation | Date Received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
|---|---|---|---|---|---|
| Exchange rates | Real time | Real time | D | D | D |
| International reserve assets and reserve liabilities of the monetary authorities1 | Jun 2022 | Jul. 2022 | M | M | M |
| Reserve/base money | Jun. 2022 | Jul. 2022 | M | M | M |
| Broad money | Jun. 2022 | Jun. 2022 | M | M | M |
| Central bank balance sheet | Jun. 2022 | Jul. 2022 | M | M | M |
| Consolidated balance sheet of the banking system | June. 2022 | Jul. 2022 | M | M | M |
| Interest rates2 | Jun. 2022 | Jul. 2022 | M | M | M |
| Consumer price index | Jun. 2022 | Jul 2022 | M | M | M |
| Revenue, expenditure, balance and composition of financing3– central government | 2021 | Jun. 2022 | A | A | A |
| Stocks of central government and central government-guaranteed debt4 | 2021 | Jun. 2022 | A | A | A |
| External current account balance | 2021 | Jun. 2022 | A | A | A |
| Exports and imports of goods | Mar. 2022 | Jun. 2022 | M | M | M |
| GDP/GNP | Jun. 2022 | Jul. 2022 | Q | Q | Q |
| Gross external debt | 2021 | Jun. 2022 | A | I | NA |
| International investment position5 | 2021 | Sep. 2022 | A | I | NA |
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by means as well as the notional values of derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially determined, including discount rates, money market rates, and rates on treasury bills, notes and bonds.
Domestic and foreign.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.