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Saudi Arabia greenlights 2024 annual borrowing plan

The plan encapsulates public debt developments, funding plans, and financial market initiatives for 2024.

Saudi Arabia greenlights 2024 annual borrowing plan
[Source photo: Anvita Gupta/Fast Company Middle East]

Mohammed Al-Jadaan, the Minister of Finance, has approved Saudi Arabia’s 2024 annual borrowing plan. The plan, aligning with Vision 2030, aims to capitalize on opportunities for non-oil economic growth and effectively manage the country’s financial landscape. The National Debt Management Center’s board has also endorsed the plan.

The 2024 annual borrowing plan encompasses various financial aspects, addressing public debt developments, financial market initiatives, and funding guidelines for the new year. It also outlines the calendar for domestic sukuk issuances through the Local Saudi Sukuk Issuance Program.

According to the plan, the financing needs are projected to reach nearly $23.22 billion, a significant increase compared to the previous year when Saudi Arabia expected its financing to amount to around $12 billion.

The plan aims to increase the total debt portfolio to approximately $3 trillion by the end of 2024. This goal can be realized through a combination of local and international activities.

These measures are designed to address the estimated deficit in the 2024 state budget and effectively manage debt maturing both in the same year and the medium term.

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