Muscat – The Ministry of Finance, in collaboration with the Ministry of Economy and the Korean Development Institute, hosted a coordination meeting on Tuesday to establish a national early warning system for potential financial and economic crises.

The coordination meeting aimed to leverage the experience of the Korean side in establishing a national early warning system for financial and economic crises.

At the meeting, the Omani side was led by Nasser bin Khamis al Jashmi, Secretary-General of the Ministry of Finance, while the Korean side was represented by Wong Seop-Zin, senior adviser and former governor of the Korean Financial Supervisory Authority, along with several officials from both sides.

During the meeting, the results of a study and its recommendations regarding the establishment of Oman’s national early warning system were presented. The simulation and forecasting system models for the national early warning system were also introduced at the meeting.

The objectives of the meeting included clarifying the structure and components of the early warning system, incorporating financial and economic inputs, designing a quantitative early warning system, and providing a user-guide.

This joint meeting aimed to establish the national early warning system and complement the efforts of the bilateral programme launched in December 2022 as part of the Korean Knowledge Exchange Programme. The goal is to share knowledge and experience in Korean development with partner countries in the realm of macroeconomic policies and financial systems.

Several relevant institutions participated in the meeting, including the Ministry of Economy, the Capital Market Authority, the Central Bank of Oman, the National Center for Statistics and Information, and the National Risk Register System.

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