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Saudi Arabia ‘Vision 2030’ Plan Cut by $8 Billion, Okaz Reports

  • Budget cut for programs, projects under prince’s post-oil plan
  • Steps part of austerity program, Saudi newspaper Okaz reports

Saudi Arabian austerity measures included cutting 30 billion riyals ($8 billion) from programs and mega-projects under the kingdom’s plan to end its reliance on oil, Okaz newspaper reported.

Work will continue on Crown Prince Mohammed bin Salman’s blueprint, called “Vision 2030,” despite the spending reduction, the paper said on Tuesday, citing unidentified people familiar with the matter. It didn’t clarify the total budget of the programs, or the period over which the cuts would take place. Okaz also reported that the government won’t cut salaries of state employees, citing the same sources.