Saudi Arabia’s post-oil plan faces cuts as crude plummets amidst virus

Saudi Arabia's Crown Prince Mohammed bin Salman - Filepic

RIYADH: Plans for a future after oil in Saudi Arabia are increasingly at the mercy of the present. A strategy to transform the Saudi economy, championed by Crown Prince Mohammed bin Salman, is likely to face deep budget cuts as the coronavirus pandemic and plummeting crude prices batter the economy, according to people familiar with the matter.

Dubbed Vision 2030, the wide-ranging initiative unveiled with fanfare in 2016 aims to diversify the oil-dependent economy and attract foreign investment. Economists said the government has fallen behind on some targets, however, and insiders working on the plan have complained of overlapping remits and conflicting priorities.