Saudi Arabia's Deputy Crown Prince Mohammed bin Salman attends a cabinet meeting that agrees to implement a broad reform plan known as Vision 2030 in Riyadh, April 25, 2016 (Reuters)
The Saudi government on Monday approved a plan for vast economic reforms dubbed "Saudi Vision 2030" to substantially reduce the OPEC kingpin's reliance on oil, the official SPA news agency reported.
The plan, details of which were to be announced later Monday, focuses on privatisations, further reductions in subsidies, the sale of part of state oil giant Aramco and the creation of a giant $2 trillion Sovereign Wealth Fund, SPA reported.
Last December, the oil-rich kingdom announced raising petrol prices by more than 50 percent for some products as it cuts a range of subsidies after posting a record budget deficit of 367 billion riyals ($97.9 billion) in 2015.
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