Finance Minister ratifies Saudi borrowing plan for 2024

Mohammed Al-Jadaan, Minister of Finance

Minister of Finance Mohammed Al-Jadaan ratified Saudi Arabia’s annual borrowing plan for 2024, after being approved by the National Debt Management Center’s (NDMC) board in its latest meeting.

According to a NDMC statement, the plan includes the key developments in public debt and debt market initiatives for 2023. It also covered the 2024 financing plan and its guidelines, as well as the 2024 calendar for sukuk issuances under the Kingdom’s SAR-denominated sukuk program.

As per the plan, Saudi Arabia’s financing needs for 2024 are estimated to near SAR 86 billion, including the repayment of principal dues for the year, in addition to covering the expected deficit in the state budget for 2024. Besides, the Kingdom’s debt portfolio is projected to reach about SAR 1.11 trillion by the end of 2024.

Furthermore, it entails fulfilling the Kingdom’s financing needs through local and international financing activities. This is in order to cover the expected deficit in the 2024 state budget, while repaying the debt maturing in 2024 and in the medium term. 

The plan also includes the available opportunities, based on market conditions, to implement additional financing activities to repay the debt maturing for the coming years. 

It also entails leveraging the available market opportunities to execute the government-alternative funding transactions that will boost economic growth, such as financing development and infrastructure projects.