Preparatory meeting to devise financial framework for 11th Five-Year Development Plan

Muscat: The Ministry of Finance today organized a preparatory meeting to draft the state’s general budget for the fiscal year 2026 and the financial framework for the 11th Five-Year Development Plan (2026–2030), in accordance with Financial Circular No. (1) of 2025 regarding the state budget regulations for the fiscal year 2026. The meeting was attended by representatives from 70 units of the state’s administrative apparatus.

The meeting aimed to explain Financial Circular No. (1/2025) pertaining to the regulations for preparing the state’s general budget estimates for the fiscal year 2026 and the financial framework for the 11th Five-Year Plan (2026–2030), as well as to outline the approval criteria for development projects under the 11th Five-Year Plan (2026–2030).

Additionally, the meeting emphasised the need to align government entities’ financial allocations with their annual plans while ensuring adherence to performance indicators, controlling public spending, and linking budget estimates to performance-based and program budgeting principles.

Abdullah Salim Al Harthy, Undersecretary of the Ministry of Finance, affirmed that the financial policies and measures adopted by the government since 2020, coupled with rising oil prices, have directly contributed to the improvement of the country’s economic and financial indicators—most notably the reduction of public debt and the restoration of creditworthiness. However, he noted that this progress remains variable and unstable.

In his address, he stated that drafting next year’s 2026 budget and the 11th Five-Year Plan comes amid increasing uncertainty surrounding the global economy, as geopolitical challenges continue to impact economic stability amid ongoing fluctuations in energy and commodity prices. This necessitates the ministry’s continued cooperation with all government entities to manage public finances as planned, enhancing non-oil revenue growth, improving public spending efficiency, and maintaining fiscal discipline.

For his part, Mohammed Ahmed Al Barashdi, Director General of the Budget at the Ministry of Finance, explained that the meeting with government representatives reflects the commitment to fostering integration and coordination among various state units. It aims to prepare accurate estimates for the state’s general budget for the upcoming fiscal year 2026 and clarify the financial framework for the 11th Five-Year Plan (2026–2030), ensuring alignment with government priorities and efforts to enhance spending efficiency.