Saudi Arabia said it was making progress on economic reforms aimed at correcting a deficit, with both oil and non-oil revenue increasing in 2017. In a document outlining its budget plans for next year, the government said its deficit shrank to below its projection from the original budget plan for this year. An economic agenda, dubbed Vision 2030 , aims to boost Saudi Arabia’s non-oil revenue and relies in part on raising money through the public listing of shares in the Saudi Arabian Oil Co., known also as Saudi Aramco. Billed as the largest-ever IPO, the 2018 offering could put the value of the company at $2 trillion. “The 2017 budget was prepared in light of developments in the local and global economy, including the estimated price of oil,” the report said. The 2017 budget plan references a global growth rate of […]