The SPA statement offered no details about what is included in the portion of the proposal, referred to as the National Transformation Plan.
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“I thank and appreciate my brother, Prince Khalid Al-Faisal bin Abdulaziz, his efforts to serve the Two Holy Mosques, constant presence at meetings, in this regard, strengthens the morale of everyone”, the Crown Prince was quoted by the Saudi Press Agency (SPA). The new reforms aim to increase enrolment in technical and vocational training colleges to 950,000 students a year from 104,000 now, spending 1.5 billion riyals (about $400 million) to increase capacity, the NTP document showed.
Saudi Arabia’s campaign in Yemen has also been a focus of concern.
The National Transformation Programme (NTP) will elaborate upon Vision 2030, an 84-page document released in April by Deputy Crown Prince Mohammed bin Salman, 30, who is leading the reform charge. Saudi Arabia doesn’t want to depend on economic growth driven by oil exports.
The NTP is expected to flesh out proposed subsidy cuts, tax rises, sales of state assets and a government efficiency drive, reported Reuters, which spoke to a senior Saudi official.
The finances of the world’s top oil exporter have been hit hard since the summer of 2014, when crude prices plunged, producing a state budget deficit of almost $100 billion past year.
Neither would income taxes be imposed, Sheikh said.
Saudi Arabia’s Energy Ministry said it would maintain oil production capacity at 12.5 million barrels per day (bpd), raise gas output capacity to 17.8 billion standard cubic feet a day from 12 billion, and raise refining capacity to 3.3 million bpd from 2.9 million.
The government aims to accelerate privatisation.
“It’s a challenging exercise, but they have to do it”, said John Sfakianakis, a former economic adviser to the Saudi government, and the Riyadh-based director of research for the Gulf Research Center. The number of Saudi women in the workforce will be increased from 23 to 28 percent.
“The National Transformation Plan will be presented to the cabinet on Monday for its endorsement and adoption”, the source added.
Managing such contradictory impulses will be a tough task for Prince Mohammed, the architect of the reforms, who has risen from near obscurity before his father became king early a year ago to a position of nearly unprecedented power in the kingdom.
Saudi Arabia said April it would create the world’s largest sovereign investment fund and sell shares in state energy giant Aramco under a vast plan unveiled to transform its oil-dependent economy.
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Recruitment of Bangladeshi workers in the kingdom and bilateral trade are likely to dominate the official talks between Hasina and Saud during the visit, according to foreign ministry officials.
