The official Oman News Agency said that the Minister of Labor discussed today, Wednesday, plans to replace foreign workers with Omani citizens in government-run companies.
The Minister discussed those plans, which include a program to assign citizens to leadership positions, with the Oman Investment Authority and the CEOs of government companies.
Oman, rated “high risk” by all credit rating agencies, saw its debt rise to around 60 percent of GDP by the end of 2019 from less than five percent five years ago.
Plans to reform the state’s finances include privatizing government assets and increasing employment of Omanis amid difficulties due to low oil prices and the coronavirus pandemic.
The Oman News Agency said that government company officials who attended the meeting expressed their willingness to implement plans to replace foreigners with citizens and provide them with more jobs.
She added that the meeting also discussed ways to enhance productivity in national companies.
The Sultanate of Oman today began marketing dollar bonds that it hopes will generate up to three billion dollars, sources said earlier today, as the small oil producer seeks to boost its public finances.
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