Saudi Arabia awaits government’s new economic plan: Reuters

According to a Reuters report, Saudi Arabians are anticipating with hope, doubt and worry the release this week of a government plan to liberate the kingdom from its reliance on oil.

Deputy Crown Prince Mohammed bin Salman, the 30-year-old son of King Salman, is to announce his “Saudi Vision 2030”, which is expected to set goals for the next 15 years and a broad policy agenda to reach them, Reuters quoted Saudi official sources.

Economic details of the vision, a package of state budget reforms, regulatory changes and policy initiatives for the next five years known as the “National Transformation Plan”, are expected to be released four to six weeks later.

The kingdom remains dangerously dependent on oil exports and low global prices created a state budget deficit of nearly $100 billion in 2015, emphasizing the need for change, reports Reuters.

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