Saudi Finance Ministry Greenlights 2024 Borrowing Plan with Funding Requirements of SR86 Billion
Saudi Arabia's Finance Ministry has approved a borrowing strategy for 2024, planning to raise SR86 billion to cover the year's projected budget shortfall and debt repayments.
Finance Minister Mohammed Al-Jadaan confirmed the plan's acceptance after the National Debt Management Center's board meeting.
The 2024 borrowing strategy reflects the current state of public debt and includes the year's Sukuk issuance schedule under the local Saudi Riyal Sukuk program.
By the end of 2024, the nation's total debt is expected to hit SR1,115 billion. Borrowing will be sourced both domestically and internationally to address the budget deficit, settle maturing debt, and consider potential future financing to manage upcoming debt obligations.
The plan also entails exploring alternative financing methods to support developmental and infrastructural growth in the economy.
The 2024 borrowing strategy reflects the current state of public debt and includes the year's Sukuk issuance schedule under the local Saudi Riyal Sukuk program.
By the end of 2024, the nation's total debt is expected to hit SR1,115 billion. Borrowing will be sourced both domestically and internationally to address the budget deficit, settle maturing debt, and consider potential future financing to manage upcoming debt obligations.
The plan also entails exploring alternative financing methods to support developmental and infrastructural growth in the economy.
