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FINANCIAL NEWS
Saudi’s economy remains stable
14 Jun 2016
(MENAFN) Saudi Arabia aims to reform its oil-dependent economy, as it introduces a credible path to achieve financial and economic diversification.
Furthermore, the kingdom will triple its non-oil revenue by 2020, whereas it will also reduce state handouts and subsidies.
Additionally, the five-year plan will cost almost USD 72bn to apply between this year and 2020.
The plan will help cutting the government’s reliance on oil, which has accounted for almost 90 percent of government revenue.
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