Acting in cooperation with the Korean Ministry of Economy and Finance and Korea Development Institute, the Ministry of Finance today held a coordination meeting on establishing a national early warning system for financial and economic crises.

The meeting was co-chaired by Nasser Khamis Al Jashmi, Secretary-General of the Ministry of Finance and Wong Seop-Zin, Senior Adviser and former Governor of the Financial Supervisory Authority, Korea.

The meeting looked into the outcome of the final study and recommendations on establishing Oman’s national early warning system.

The meeting included a simulation of the model of the forecasting system. The simulation demonstrated the structure and components of the system, financial and economic inputs, as well as designs of the early warning system—prior to issuing a user guide.

The joint meeting was in pursuance of a bilateral programme that was launched in December 2022 within the purview of the Korean Knowledge Exchange Programme. The programme is aimed at conveying Korean knowledge and expertise to partner countries, notably in the field of macroeconomic policies and financial systems.

On the Omani side, the meeting saw the participation of the Ministry of Economy, the Capital Market Authority, the Central Bank of Oman, the National Centre for Statistics and Information and the National Risk Registry System.

Source: Oman News Agency