Saudi Arabia early Tuesday presented a comprehensive package of reforms aimed at boosting non-oil revenues while reducing state handouts that have weighed on the kingdom’s economy. The initiative, called the National Transformation Plan, offers details on how the ruling monarchy plans to achieve long-term economic change in an era of cheap oil. The overall target is ambitious: Riyadh expects non-oil revenues to more than triple by 2020 to 530 billion Saudi riyal ($141.32 billion). Developing sectors like mining and increasing non-oil exports are part of the plan. But so are more painful measures, such as the reduction of subsidies on water and electricity. The government said it expects the nation’s debt-to-GDP ratio to widen to 30% by 2020 from 7% today. The plan, dubbed NTP, was drafted by the kingdom’s Council for Economic and […]