Saudi Arabia Revamps Its Major Economic Reform Plan

(Bloomberg) -- Saudi Arabia is revamping a major plan to overhaul its government and economy by 2020 to eliminate overlap with other programs, according to an official document seen by Bloomberg.

The new version of the National Transformation Plan, called NTP 2.0, will be “more focused” than before with “clear governance and continued support and follow-up,” according to the document. There are no indications that the NTP’s key targets have been changed.

The first version of the NTP, released last year, included steps to balance the budget by 2020. That goal has been shifted to the Fiscal Balance Program. Plans to cut energy and utility prices have been also moved elsewhere. The NTP’s timeline will still run until 2020, but the implementation plan will involve developing targets for 2025 and 2030, the document said, without elaborating.

The NTP was designed to overhaul the bureaucracy and set targets for each ministry as the kingdom grapples with low oil prices. It was announced as part of Crown Prince Mohammed bin Salman’s Vision 2030, a broader plan to reduce the kingdom’s reliance on oil, create more jobs and boost private investments.

Saudi officials didn’t respond to requests for comment.

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