Revamping the fuel subsidy will greatly reduce financial risks posed to Oman’s government and impart stability, a World Bank expert said. Lubna Abdulatif, a World Bank expert at the Ministry of Finance, said revising public expenditure policies is of paramount importance as it gives priority to the policies that enhance the welfare of the Omani family, promote economic diversification, develop the private sector and create job opportunities. She also pointed out that revising the energy subsidy and lifting the subsidy on fuels is of great importance. Abdulatif added that some believe that the welfare economy’s philosophy is one which provides subsidy to energy. Experience has proved that the subsidies on education, healthcare and economic diversification will have greater effect on enhancing social welfare. (Times of Oman)