Saudi Arabia’s Deputy Crown Prince Muhammad Bin Salman has been working on a plan to restructure the country’s government and economy in the wake of the negative outlook.
CCTV America’s Ahmad Coo reports.
Saudi government plans restructure of economy, governmentSaudi Arabia's Deputy Crown Prince Muhammad Bin Salman has been working on a plan to restructure the country’s government and economy in the wake of the negative outlook.
“We have all developed an unhealthy oil addiction in Saudi Arabia and this is dangerous and has hampered development in many sectors during past years,” Deputy Crown Prince Muhammad Bin Salman said recently.
In an interview with Saudi state television, he unveiled what he calls the ‘Vision 2030’ plan. It’s meant to let the country “live without oil by 2020.”
Falling global oil prices have impacted the country, and the International Monetary Fund said it’s not going to get any better.
According to ‘Vision 2030’, the plan will create a $2 trillion sovereign wealth fund by selling a five percent stake in state-owned oil giant Aramco.
The Prince will use the money to diversify the economy by boosting mining and military manufacturing.
He also wants to shakeup the visa program, making it easier for foreign nationals to invest and work in his country.
Amb. James Smith on the Saudi government’s economic plan
For more on Saudi Arabia’s economic plan, Asieh Namdar spoke with Ambassador James Smith, former U.S. Ambassador to Saudi Arabia from 2009-2013.