In addition, he praised the government for the sustained cooperation with the State Council and its keenness to achieve its tasks as a companion in the all round improvement procedure of the nation, activated by legislative and supervisory powers.
The council’s 17th typical session on Wednesday also authorized the proposal of ‘Framework and Determinants of the Public Debt Law’.
At the outset of the session, the council’s chairman thanked the council members for their sincere efforts exerted throughout the sixth period, which had been very hectic and has generated impressive output, indicating the higher relevance of the outcomes.
The council had discussed throughout the sixth term 4 projects for the General Budget of the State (2015-19), the Ninth Draft Five-Year Development Plan (2016-20), 20 new and amended draft laws referred by the Council of Ministers, seven proposed projects from the Council of Oman and 20 research by the standing committees of the State Council.
Dr Mantheri, on behalf of the members, thanked the secretary basic and the council employees for their efforts produced to fulfil the council’s tasks and responsibilities. He also thanked the public and private sector institutions that had supported the function of the council’s divisions by means of their representations at the meetings of committees and specialised committees by offering important info, statistics and visuals required for their research and proposals. The council’s chairman also appreciated the media entities and institutions of Oman, for the in depth coverage of the council’s meetings and its different activities.
In conclusion, he prayed to Almighty to give His Majesty Sultan Qaboos bin Said, excellent well being and happiness and the dear nation, safety and prosperity.
Following the speech, the council discussed the proposal submitted by the Economic Committee on the ‘Framework and determinants of the Public Debt Law’ and started the discussion with a statement of Sheikh Mohammed bin Abdullah al Harthy, head of the Economic Committee.
Harthy explained that the problem of public debt is really vital as it has direct influence on the economy of nations, the normal of living and the future of the generations.
He pointed out that globally governments stick to several plans and approaches to decrease the rise of public debt and curb its unfavorable effects on the economy, by putting required controls by means of enacting unique legislations. He pointed out in this regard that several nations regionally have adopted laws for public debt.
He mentioned, “Various indicators have shown that the public debt in the sultanate is growing steadily, which requires the development of a law that works to ensure its efficient management and that limits are at safe levels to ensure the safety and durability of the national economy. It should also be in line with the requirements of sustainable development, and work to ensure financial stability. The law must enable the economy to withstand the level of public debt, its growth rate and ensure that financing needs and its commitments are met at the lowest possible cost on medium to long term basis, with reasonable degree of risk.” Following discussions, the council authorized the proposal with the formation of a technical drafting committee to consist of the views of the members.
The council’s Draft Budget for 2020 was discussed and authorized and the proposed amendments to the ‘Regulation of the Affairs of State Council employees’ have been authorized. The council was briefed about a number of reports, such as the report on the council and the Ministry of Social Development meeting that discussed the council’s draft proposals on ‘Civil Society Institutions from a legislative and regulatory perspective’ and ‘The Mechanism for Developing the Role of Omani Women’s Associations’.
Information Source: Muscat Daily