The International Monetary Fund has delivered a blunt message to the Omani government, following its latest review of the economy. In a statement issued on 19 April, following a 13-day visit to Muscat, an IMF team led by Stéphane Roudet advised Muscat that it needs to make “substantial” reforms if it is to get its economy onto the right track.
The non-hydrocarbon part of the Omani economy managed to post a slight improvement last year, with growth picking up to 2%, compared to 1.5% in 2016. However, the government – and the country as a whole – is heavily dependent on revenues from oil and natural gas sales and a slowdown in that sector meant the economy as a whole contracted by 0.3%.
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