Date
17 December 2017
Prince Mohammed bin Salman leads a new supercommittee of top ministers charged with overseeing reforms in Saudi Arabia. Photo: Reuters
Prince Mohammed bin Salman leads a new supercommittee of top ministers charged with overseeing reforms in Saudi Arabia. Photo: Reuters

Saudi reform plan approved by top economic council

Saudi Arabia’s National Transformation Plan, a pivotal element of the “Vision 2030″ reforms announced in April by Deputy Crown Prince Mohammed bin Salman, will be put before the cabinet for approval Monday, Reuters reports.

The plan is expected to flesh out sector-by-sector details of the implementation of Mohammed’s program, which is intended to restructure the kingdom’s entire economy and make it less dependent on oil revenue.

“The Council of Economic and Development Affairs has approved the final draft of the National Transformation Plan, which is one of the plans adopted and part of the 2030 vision, which was launched and adopted by the Saudi deputy crown prince, president of CEDA,” Reuters quoted an unnamed senior Saudi source as saying.

Mohammed was given a central role in decision making after his father, King Salman, became monarch early last year, taking charge of CEDA, a new supercommittee of top ministers charged with overseeing reforms.

Saudi Arabia’s finances now depend on oil revenue, and its economic performance closely tracks government spending.

But energy prices have plummeted since mid-2014, causing steep declines in income and putting growth at risk.

The wider reforms are expected to include subsidy cuts, tax rises, sales of state assets, a government efficiency drive and efforts to spur private-sector investment.

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RA/FL

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