State Council chairman lauds HM’s support
The State Council Chairman, Dr Yahya bin Mahfoudh al Mantheri, has expressed appreciation, gratitude and loyalty to His Majesty Sultan Qaboos bin Said for his immense care and ceaseless follow-up of the Shura march in the sultanate.
In addition, he praised the government for the sustained cooperation with the State Council and its keenness to accomplish its tasks as a partner in the overall development process of the country, activated by legislative and supervisory powers.
The council’s 17th regular session on Wednesday also approved 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 during the sixth period, which had been extremely hectic and has generated impressive output, indicating the high relevance of the results.
The council had discussed during the sixth term four 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 studies by the standing committees of the State Council.
Dr Mantheri, on behalf of the members, thanked the secretary general and the council staff for their efforts made to fulfil the council’s tasks and responsibilities. He also thanked the public and private sector institutions that had supported the work of the council’s divisions through their representations at the meetings of committees and specialised committees by providing vital information, statistics and visuals necessary for their studies and proposals. The council’s chairman also appreciated the media entities and institutions of Oman, for the extensive coverage of the council’s meetings and its various activities.
In conclusion, he prayed to Almighty to give His Majesty Sultan Qaboos bin Said, good health and happiness and the dear nation, security 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 began the discussion with a statement of Sheikh Mohammed bin Abdullah al Harthy, head of the Economic Committee.
Harthy explained that the issue of public debt is very crucial as it has direct impact on the economy of countries, the standard of living and the future of the generations.
He pointed out that globally governments follow many plans and approaches to reduce the rise of public debt and curb its negative effects on the economy, by placing necessary controls through enacting special legislations. He pointed out in this regard that many countries regionally have adopted laws for public debt.
He said, “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 approved the proposal with the formation of a technical drafting committee to include the views of the members.
The council’s Draft Budget for 2020 was discussed and approved and the proposed amendments to the ‘Regulation of the Affairs of State Council employees’ were approved. The council was briefed about several reports, including 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’.