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Saudi Arabia's Sixth Development Plan (1995-2000) targets the elimination of the
budget
deficit, continued restructuring and diversification of the Saudi Arabian economy in the
context of increased private sector participation, and the development of human resources.
The budget deficit is to be eliminated by the year 2000 through increases in non-oil revenues
and containment of expenditures. Revenues are to be mobilized mainly through higher fees
and charges for publicly supplied goods and services (including utilities) and reduced
subsidies. Such an approach would also improve resource allocation in the Kingdom, thus
facilitating efficient economic diversification.
To expand the private sector, the plan calls for privatizing a range of commercial
activities currently undertaken by the Government and for identifying new investment
opportunities for the private sector. Foreign direct investment is to be emphasized and
domestic capital markets further developed to mobilize private investment. For human
resource development, the plan targets a shift in education and training priorities to meet the
expanding demand for skilled manpower in the private sector and to employ efficiently the
growing number of nationals entering the labor force. Expenditures are to be shifted toward
expanding the capacity of technical and vocational
training, as well as higher education institutions. |
