Finance, Economy Ministries Join Hands to Draft Budget Estimate Rules

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Muscat, The Ministry of Finance and the Ministry of Economy jointly issued a circular on “Rules for Drafting State Budget 2022” in a manner that fits with Oman Vision 2040 and programmes listed in the Strategic Programmes Ledger of the 10th Five Year Plan and initiatives of the Fiscal Balance Plan through which the government seeks to achieve financial sustainability and improve business climate.

A new service has been initiated to allow for the preparation of government units’ budget estimates electronically, using a link in the e-government transformation network. The aim is to streamline procedures related to dealing with ministries, government departments and public authorities and establishments.

The circular requires all ministries and other government entities to prepare their (current, developmental) budget estimates in accordance with the model attached to the aforementioned electronic link and submit the same via the link, which will be made available to all parties, along with a username and password. Budget estimate projects have to be made in line with the rules stated in the circular.

The circular urges all ministries and other government entities to present their respective budget estimates for 2022 on or before 29 July 2021 and send them via the electronic link. A brief of the required budget allocation has to be approved by the Head of Unit and sent to the Ministry of Finance and Ministry of Economy.

The circular stresses the necessity of entering estimates for the required budget (revenues, expenditure), including options for situational budgets, additional budgets and new project operation budgets in a computerized design referred to as “Unified Financial System” by the deadline of 29 July 2021. All of this data has to be compatible with estimates made for the budget project, as well as models prescribed by the Finance Ministry, said the circular.

Source: Oman News Agency