Saudi Arabia has approved a plan of getting rid of oil dependency

Саудовская Аравия одобрила план избавления от нефтяной зависимости

The king and princes of Saudi Arabia was presented in Riyadh reform plan

The plan is called Vision 2030 Saudi.

The Saudi authorities approved the plan of economic reforms, which should help the country to get rid of dependence on oil incomes.

The plan is called Vision 2030 Saudi. It is a program of action for the coming years that will help to diversify the economy of the country.

The program involves the creation of a sovereign Fund in the amount of 2 trillion dollars, said the Deputy crown Prince of the country, Muhammad bin Salman. The plan also provides for the privatization, reduction of subsidies and the sale of 5% of the state oil company Aramco, the proceeds from which will go to the Fund.

As told by Muhammad Ibn Salman in an interview to TV channel “al Arabiya”, the creation of a sovereign Fund intended to convert the largest oil exporter in the global investment power.

According to Salman, by 2020, Saudi Arabia’s economy will not depend on oil. The country receives about 80% of its income from the sale of the resource.

Saudi Arabia, like other countries-oil producers hit hard by falling prices. April 10, Egyptian authorities and Saudi Arabia have signed an agreement to establish a joint investment Fund of $ 60 billion riyals (16 billion dollars). Cairo and Riyadh have agreed to develop projects with a total value of 3.3 billion dollars in the industrial zone of the Sinai near the Suez canal. In addition, agreement was reached on the construction of the power plant cost $ 2.2 billion.

Countries-oil exporters are trying to overcome the crisis and by restricting the supply of oil on the market. The latest attempt was made on the summit of oil producers in Doha. But countries failed to agree on the limitation of production volumes.

Source: Russian service Bi-bi-si