Saudi Arabia’s Post-Oil Plan Faces Cuts as Crude Plummets - Bloomberg:
Plans for a future after oil in Saudi Arabia are increasingly at the mercy of the present.
A strategy to transform the Saudi economy, championed by Crown Prince Mohammed bin Salman, is likely to face deep budget cuts as the coronavirus pandemic and plummeting crude prices batter the economy, according to people familiar with the matter.
Dubbed Vision 2030, the wide-ranging initiative unveiled with fanfare in 2016 aims to diversify the oil-dependent economy and attract foreign investment. Economists say the government has fallen behind on some targets, however, and insiders working on the plan have complained of overlapping remits and conflicting priorities.
Officials began a broad reassessment of the blueprint before the latest crises, but the Finance Ministry is now specifically looking to pare back its budgets, according to two people familiar with the matter. They said officials hadn’t yet decided how the added pressure of the oil price collapse would affect the review, but they’re expecting significant cuts.
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