The Minister of Finance, His Excellency Mr. Mohammed bin Abdullah Al-Jadaan, has adopted the annual borrowing plan for the year 2024.
This approval follows its ratification by the Board of Directors of the National Center for Debt Management during its recent meeting, according to Saudi Arabia News.
Key Elements of Plan
The plan includes the most significant developments in public debt and debt market initiatives for the year 2023. It also outlines the financing plan for 2024 and its guiding principles, along with a calendar for Sukuk issuances as part of the local Saudi Riyal Sukuk program for the year 2024.
Financial Requirements, Debt Portfolio
This plan forecasts that the financing needs for the year 2024 will be approximately 86 billion Riyals. This includes the repayment of principal debt obligations for the year. It also covers the expected deficit in the state’s general budget for 2024.
It is anticipated that the size of the debt portfolio will reach about 1,115 billion Riyals by the end of 2024.
Objectives, Strategies of 2024 Borrowing Plan
The 2024 annual borrowing plan aims to meet the Kingdom’s financing needs through local and international financing operations. This is intended to cover the expected deficit in the 2024 budget and repay the principal debt due in 2024.
The plan also includes seizing market opportunities to conduct additional financing operations for repaying principal debt obligations for the coming years.
Furthermore, it involves leveraging market opportunities to execute alternative government financing operations which will support financing developmental projects.
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