Saudi Arabia has agreed plans to move away from oil revenues

Flames from the Saudi Aramco oil installation in the desert east of the Saudi capital Riyadh on June 23 2008Image copyrightGetty Images
Image captionMost arrived in Saudi Arabia comes from oil
The Cabinet of Ministers approved the Saudi radical economic reforms aimed at the movement of the country from its dependence on oil revenues.

Just over 70% of revenues come from oil last year, but he was struck by falling prices.

One part of the plan will be shares sold by state-owned oil giant Aramco create a sovereign fund.

Announcing the reforms, Deputy Crown Prince Mohammed bin Salman described his country as being dependent on oil.

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Vision 2030 plan, he told the Saudi-owned Al-Arabiya news channel, will ensure "we can live without oil by 2020".

Among the reforms he has announced in an interview he was:

Shares in the amount of less than 5% of Aramco, the company he is worth up to $ 2.5tn (£ 1.7tn), will be sold
Some of the proceeds will go to the sovereign wealth fund in the amount of $ 2tn
The new visa system will allow expatriate Muslims and Arabs to work for a long time in Saudi Arabia
Steps will be taken to diversify the economy, including investments in mining and the expansion of military production
Participation of women in the labor force to increase
Even just to sell 1% of Aramco will create the largest initial public offering in history, the prince said, outpacing sales of blockbusters like Facebook and Alibaba.

The IMF urged the Saudi plan "ambitious, far-reaching efforts," but warned, the implementation will be a challenge.