Nationwide Saudi overhaul plan puts greater focus on growth

Dubai

SAUDI authorities will put more focus on efforts to revive economic growth and don't expect the drop in oil prices to affect plans to balance the budget by 2020, according to a senior official.

The coming steps in the National Transformation Program will see the government spending on hundreds of initiatives related to the plan, which seeks to repair public finances and bolster the non-oil economy, Mohammed Al Tuwaijri, the vice-minister for economy and planning, said. In an interview on Tuesday, the former CEO of HSBC Holdings Plc in the Middle East laid out details on economic growth, borrowing plans and the programme to sell stakes in state entities. He also said that while officials are committed to the plan's objectives, it's "natural for us to basically take a U-turn here and there, or shift some of those decisions from time to time," referring to last month's reversal of a decision to cut the bonuses and some allowances of state employees.