Riyadh unveils acceleration of economic reforms

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http://www.alwast.net/business/article-1698325.........

Riyadh unveils acceleration of economic reforms

According to the constitution, the website of Al Wasat, which contains the news of Riyadh, reveals the acceleration of economic reforms.

 

Saudi Arabia is accelerating its economic reforms and is reviewing some of them to give ministries more flexibility in achieving their goals, the Saudi Ministry of Information said.

The reform approach, "Vision 2030," launched by Crown Prince Mohammed bin Salman last year, aims to rid the economy of reliance on crude oil.

The plan began to meet its goals of containing the overall fiscal situation but has yet to create any significant new sources of prosperity beyond the crude oil sector.

The statement confirms a report in Al-Wasat newspaper earlier this week, quoting sources saying that Riyadh is simplifying part of Vision 2030 without weakening key policies such as the privatization program and the attempt to reduce the budget deficit.

The ministry is moving ahead with plans to sell about 5 percent of Saudi Aramco's crude oil giant, the ministry said. Officials say they are aiming to finish the sale by the end of 2018 and raise about $ 100 billion.

The government's privatization program is gaining momentum and the method of reviewing a stake in Aramco for public subscription is moving forward and the company is working to verify that all requirements are met to the highest standards, the statement said.