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To track and identify risks and take preventive measures to protect the country’s financial system, Oman will set up an Early Warning System (EWS). An EWS factors in risks and economic uncertainties, allowing onboard pre-emptive steps to minimize its impact on the country’s financial system.
On Tuesday, the Ministry of Finance, in collaboration with the Ministry of Economy and the Korea Development Institute (KDI), held a coordination meeting to present a simulation of the forecasting model.
Co-chaired by Secretary-General of the Ministry of Finance, Nasser Khamis Al Jashmi, and Wong Seop-Zin, Senior Adviser and former Governor of the Financial Supervisory Authority, Korea, the meeting’s simulation showcased the system’s structure, components, financial and economic inputs, and design, before issuing a user guide.
The project is jointly executed by KDI and Oman’s Tawazun program, a national fiscal balance program created by the Ministry of Finance in response to fiscal challenges and uncertainty about future oil prices.
The joint meeting was held following a bilateral program launched in December 2022 under the Korean Knowledge Exchange Program. The program aims to share Korean knowledge and expertise with partner countries, especially in macroeconomic policies and financial systems.