The Saudi Minister of Finance, Mohammed bin Abdullah Al-Jadaan, has approved the annual borrowing plan for 2024, following its endorsement by the Board of Directors of the National Debt Management Center during a recent meeting. The plan includes the latest developments in public debt and debt market initiatives for 2023, as well as the financing strategy for 2024 and its guiding principles. It also includes an overview of the 2024 issuance of sukuk under the Kingdom’s local sukuk program denominated in Saudi Riyals.
The plan forecasts that funding needs for 2024 will amount to approximately 86 billion Riyals, covering principal debt repayments due for the year, in addition to addressing the expected deficit in the government's general budget for 2024. The total debt portfolio is expected to reach around 1,115 billion Riyals by the end of 2024.
The annual borrowing plan for 2024 aims to meet the Kingdom's financing needs through both domestic and international funding operations to cover the anticipated budget deficit for 2024, repay the principal debt due within the year, and take advantage of available market opportunities for additional financing operations to settle principal debt obligations for upcoming years. It also seeks to capitalize on market opportunities to conduct alternative government financing operations that could bolster economic growth, such as funding for developmental projects and infrastructure initiatives.
