subsidies

There are 2 posts tagged subsidies (this is page 1 of 1).

Oman Business Leaders Call for Subsidy Phase Out

Khalil bin Abdullah al Khonji, the former head of the Oman Chamber of Commerce and Industry says that the present economic reality demands a reduction and eventual elimination of the regions huge subsidies.

Despite the fact that the public will protest the withdrawal of subsidies, business leaders say “there is no other way out due to the new economic reality.”

Khonji stated that,

“The fall in oil prices is affecting Oman in a big way. All the reports indicate that the prices are unlikely to reach US$70 until 2020.

“I hope my predictions are wrong, but there is a strong indication that the prices might fall further after the crucial Organization of Petroleum Exporting Countries meeting in Vienna on Friday. It might even touch US$30.”

He added that now is the best time to phase out subsidies, especially those on oil.

“We understand from government officials that citizens will not be affected if the subsidy is removed. We have to prevent smuggling of diesel and petrol to other countries.”

Oman Subsidizing Purchase of Boats for Fishermen

In a move designed to help the fishing industry of the Sultanate, the minister of agriculture and fisheries announced his approval of subsidies which will pave the way for fishermen to make purchases of the equipment they need to ply their trade.

Subsidies Will Help Fishing Industry

Dr. Fuad bin Ja’afar Sajwani issued his decision on Tuesday which will appropriate subsidies for the purchase of boats, equipment, engines, GPS devices and other materials which advance the practice of fishing.

Help With Additional Equipment

There will also be subsidies available for the purchase of containers and cold stores for the preservation of fish. In addition monies will be available to help boost the fish farming industry such as to establish fish farms and buying fish and fish feed. Included also are subsidies to support fish transportation and marketing.

Fisheries Crucial to Omani Economy

Aside for the oil and gas industry, fishing and fisheries are one of the highest contributors to the gross national product. The fisheries sector is also viewed as having a greater potential growth due to the fact that the fishing waters within the Omani sphere are considered one of the richest in the world.

Analysts recognize the vital role that the fisheries sector plays within the Omani economy. The fishing industry affects tens of thousands of fishermen and their employees. The great growth which the industry has experienced of late is a reflection of the confidence the public has in it in addition to its clear importance the industry has to the overall Omani economy.