Muscat – The International Monetary Fund (IMF) has praised Oman’s efforts in dealing with the COVID-19 crisis and reviving the economy after the pandemic.

IMF said that higher oil prices, fiscal consolidation measures and progress on structural reforms are supporting a post-pandemic economic recovery in the sultanate.

An IMF mission, led by Daniel Kanda, conducted discussions in Muscat for the 2022 Article IV Consultation for Oman from September 20 to October 4, 2022.

In a statement issued at the conclusion of the IMF mission to Oman, Kanda said the sultanate’s economic recovery is gaining traction, supported by revival in the hydrocarbon sector and relaxation of COVID-19 social restrictions.

“High oil prices, continued fiscal consolidation under the authorities’ Medium-Term Fiscal Plan, and determined implementation of structural reforms under Oman Vision 2040 are expected to generate fiscal and external surpluses and support higher growth over the medium term,” he said.

IMF now projects Oman’s economic growth at 4.3 per cent for 2022, supported by increased hydrocarbon production and continued recovery of non-oil economic activity.