The Sultanate will go ahead with its development plans despite the global economic crunch, Ahmed bin Abdulnabi Macki, Minister of National Economy and Deputy Chairman of the Financial Affairs and Energy Resources Council, affirmed here yesterday. Addressing the Majlis Ash’shura’s third session of the second annual sitting 2008-2009 of the sixth term held yesterday under the chairmanship of Shaikh Ahmed bin Mohammed al Isa’ee, the Majlis Chairman, Macki made reference to the financial crisis, its impact on different countries including the Sultanate.

He affirmed that “the Sultanate has taken a number of precautionary measures, especially for the banking sectors, to provide them with liquidity in case the need arises. “The financial situation of the state is good and the investment size is still maintained in the Sultanate”, he added.

“The establishment of RO 150 million worth fund to support MSM aims at ensuring stability in the market and curb the deterioration of prices, especially the slump in the market is attributed to the sentiment generated from the global financial crisis and its impact on the global stock markets.

“The announced corporate statements show that MSM-listed companies have posted good profits”, he added. “While low oil prices will have its impact, the government has alternative plans in case oil price went further down. The Omani economy will continue its growth by at least 3 per cent and the government will go ahead with its development programmes, but there will be re-scheduling of priorities”, he said.

As for the resilient financial and economic condition of the Sultanate, Macki said that the Omani financial and economic condition is good, adding that while the government is very keen to implement the approved projects, precautionary arrangements have been made to counter any fluctuation in the global financial crisis.

Al Isa’ee earlier in a speech covered the themes of the session, which evolved around the global financial crisis and its impact on the national economy. He said that the Majlis follows closely the issue and praised the measures and initiatives taken by the government to alleviate the impact of the crisis.

“Majlis Ash’shura follows with great interest the global financial crisis which affected most countries of the world, of which we are part of. Therefore, the Majlis desires to have clearer picture on the measures already taken or will be taken by the government in this regard,” he added. He also pointed out that the meeting complements the role of the government and reflects a desire by the Majlis to participate in protecting the negative impact of the national economy from any potential harm resulting from the global crisis.

The chairman also affirmed that the Majlis calls upon all respective state departments and research and academic institutions to give their views and proposals. He also hoped that the discussions will serve the national interests. Majlis members made queries to the minister about the impact of the crisis on the national economy and the Sultanate’s external investments