Saudi Finance Ministry approves 2024 borrowing plan with funding needs at SR86 billion

Saudi Finance Ministry approves 2024 borrowing plan with funding needs at SR86 billion

Saudi Gazette reportRIYADH — Saudi Finance Minister Mohammed Al-Jadaan has endorsed the 2024 annual borrowing plan, following its ratification by the board of the National Debt Management Center during a recent meeting. The plan anticipates the financing needs for 2024 to be around SR86 billion. This figure includes the repayment of principal debt obligations for the year and covering the expected budget deficit for 2024.The plan encompasses key developments in public debt and debt market initiatives for 2023, along with the 2024 financing plan and its guiding principles. It also includes the 2024 calendar for Sukuk issuances within the Kingdom's local Saudi Riyal Sukuk program.The total debt portfolio is projected to reach approximately SR1,115 billion by the end of 2024. The 2024 annual borrowing plan aims to meet the Kingdom's financing needs through local and international financing operations. These operations are intended to cover the anticipated budget deficit for 2024, repay principal debt due during the year and over the medium term, and seize market opportunities to carry out additional financing operations for future principal debt repayments. Additionally, the plan includes capitalizing on market opportunities for alternative government financing operations that would bolster economic growth, such as financing developmental projects