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Saudi Arabia approves annual borrowing plan for 2024

Saudi Arabia’s Finance Minister Mohammed Al-Jadaan has approved the nation’s 2024 Annual Borrowing Plan, aiming to manage the projected budget deficit and debt maturities, the Saudi Press Agency reported Thursday.

The plan, endorsed by the National Debt Management Center’s board, estimates financing needs at 86 billion riyals (around 22.9 billion U.S. dollars), covering both debt repayments and the expected 79 billion riyal deficit in the 2024 state budget.

The government has previously stated that public debt is anticipated to reach 1.115 trillion riyals by the end of 2024.

The plan outlines public debt developments, debt market initiatives from 2023, and the 2024 funding strategy, including domestic Sukuk issuance under the local program.

The ministry emphasizes a diversified approach, utilizing both domestic and international financing to meet the Kingdom’s obligations and support economic growth through funding development and infrastructure projects.

The 2024 budget, approved by the cabinet in December 2023, projected total revenues at 1.172 trillion riyals and total expenditures at 1.251 trillion riyals. ■

Famagusta Gazette