Saudi Arabia approves annual borrowing plan for 2024

Saudi Arabia approves annual borrowing plan for 2024

Saudi Minister of Finance Mohammed bin Abdullah Al Jadaan has approved the annual borrowing plan for the year 2024 after the endorsement by the National Debt Management Center’s board in its last meeting, reported SPA. The plan includes public debt developments, debt markets initiatives for the year 2023, and the 2024 funding plan and its guidelines, in addition to the calendar of domestic Sukuk issuances under the Local Saudi Sukuk Issuance Program in Saudi Riyal. The 2024 plan has highlighted the estimation for financing needs at approximately SAR86 billion, encompassing both payment of debt maturities and financing the expected deficit of the 2024 State budget. The Saudi debt portfolio is projected to reach about SAR1.11 trillion ($295 billion) by the end of 2024. The 2024 annual borrowing plan includes meeting the kingdom’s financing needs through financing activities both locally and internationally to finance the estimated deficit of the 2024 state budget and payment of debt maturing in 2024 and in the medium term, in addition to seizing available opportunities according to market conditions to implement additional financing activities to pay debt maturing in the coming years, reported SPA. Furthermore, it is committed to leveraging market opportunities to execute alternative