Saudi Arabia’s Deputy Crown Prince, Mohammed bin Salman has outlined plans to reshape country’s economy to withstand low oil prices, sources told Reuters.
The Council of Economic and Development Affairs chaired by the Crown Prince, and the Ministry of Economy and Planning are expected to gain greater authority over economic policies.
Traditionally, the Ministry of Finance dominated policy with discretionary power. Under the new scheme, the ministry will control project funds only with Council’s approvals.
The plans are expected to be made public in January.
According to NBC, the reform package also includes state spending reforms, privatization of some state bodies, creation of nonprofit organizations in healthcare and education. It further projects tax and import levies rise, while water and electricity subsidies are to be redirected to benefit middle- and lower-income people only.