Saudi govt to diversify income and raise efficiency

Riyadh

SAUDI Arabia will seek to diversify its sources of income and improve the efficiency of government spending as it strives to reduce its dependence on oil revenue, which has plunged since last year, King Salman said on Wednesday.

The world's top oil exporter is expected to announce on Monday that it has run a big deficit this year, and Riyadh's approach to an era of expected low crude prices is closely watched both inside the kingdom and global energy markets.