North al batinah: A two-day plenary meeting titled 'Governorates Financial Forum' wound up today with a set of recommendations that laid emphasis on building an investment base for the governorates of the Sultanate of Oman.

According to Oman News Agency, the forum also recommended making a transition from a culture of spending to the optimal selection of projects (in accordance with specific economic criteria), empowering self-governance in the governorates (treating them as independent centers of economic growth) and enhancing the role of governorates in leading domestic development by granting them greater flexibility in managing their own resources.

The recommendations encouraged adopting an approach based on results and outputs when evaluating financial performance, and moving from measuring performance on the basis of 'volume of spending' to a rating based on 'impact and added value'. This is in addition to empowering financial affairs departments in the governorates of Oman, considering them as strategic partners in directing resources towards the most impactful programs and projects.

The recommendations also focused on maximizing the impact of public spending by directing it towards projects with the highest economic returns and achieving integration between governorate plans and national plans, with the prime objective of minimizing duplication and ensuring the optimal use of resources.

The participants also stressed the need to verify the availability of financial credits before issuing tenders and to enhance digital transition in financial procedures.

The forum was organized by the office of the governor of North Al Batinah under the slogan 'Governance, Efficiency and Impact.'

The event saw the participation of specialists and financial personnel from various governorates of Oman. It included the presentation of working papers on financial aspects and about spending on projects, including a paper on 'financial phenomena' that was presented by the State Financial and Administrative Audit Authority.

Working papers were also presented on best financial practices in the governorates. Those included working papers from A'Dakhiliyah Governorate (on the integrated budget management system), Dhofar Governorate (on supporting small and medium enterprises), South A'Sharqiyah Governorate (on reviewing the achievements of the Department of Financial Affairs) and a working paper from North Al Batinah Governorate (on reviewing the most important financial practices in the governorate), in addition to panel discussions about means of addressing challenges and solutions.