Representatives of the Saudi Arabia regime completed a plan to create its economy more diversified and not rely only on oil.
The Saudi government approved the new plan late Monday.
The final plan is based on an 84-page document, which was published by the 30-year-old Crown Prince Mohammed bin Salman in April .
He is responsible for working for the reforms.
One of the main points of the plan is to offer shares of the Saudi Arabian state oil company Aramco. In the case that happens it would be a 5%.
Saudi Arabia is the world’s largest oil exporter, but the country’s national budget has been burdened by the dramatical drop of oil prices over the past year and a half.
Saudi Arabia just approved an oil-independent growth plan with new other strategy which make their economy more diversified. It is called Vision 2030.It will be the new path for the Saudi.
The falling oil prices have accelerated Saudi Arabia plans to make itself less dependent on oil exports.
The reforms are part of the plan that Prince Mohammed described as Vision 2030 in April.
The coming reforms expect to include cuts in state subsidies, tax increases and sales of state assets.
A plan with measures to fire up private investment and for more efficiency of the state.
Women will also be encouraged to participate in working life. Today, many women are tied to their home, both by their families and by the Saudi legislation which makes the country the only one where women are not allowed to drive.
The management of Riyadh is struggling with a large budget deficit, which in 2015 amounted to 98$ billion.
IMF, the International Monetary Fund, says that the budget deficit will probably also be large this year, around 14% of gross domestic product (GDP). Last year it was 16% of GDP.