Saudi Arabia is projecting financing needs of approximately 86 billion riyals, equivalent to $22.93 billion, in 2024, according to a borrowing plan approved by Finance Minister Mohammed Al Jadaan. The National Debt Management Center (NDMC) made this announcement on Thursday.
The government has previously disclosed that public debt is expected to reach 1.115 trillion riyals by the end of 2024 © Mena Today
Saudi Arabia is projecting financing needs of approximately 86 billion riyals, equivalent to $22.93 billion, in 2024, according to a borrowing plan approved by Finance Minister Mohammed Al Jadaan. The National Debt Management Center (NDMC) made this announcement on Thursday.
The NDMC clarified that the borrowing plan is intended to cover various financial requirements, including financing the budget deficit, repaying upcoming debt maturities, and seizing market opportunities as part of the country's liability management strategy, as reported by Reuters.
Furthermore, the borrowing plan is committed to leveraging market opportunities to execute alternative government financing activities that promote economic growth, such as funding development and infrastructure projects.
The government has previously disclosed that public debt is expected to reach 1.115 trillion riyals by the end of 2024, which amounts to approximately 26% of the country's GDP.
This borrowing plan underscores Saudi Arabia's proactive approach to addressing its financial obligations and supporting its economic growth initiatives, demonstrating its commitment to responsible fiscal management in the years to come.
By Nidal Kawil, Mena Today
Yemen's Iran-aligned Houthi militants fired on Saudi oil installations in two ports on the Red Sea coast on Saturday, but the United States held back from launching air strikes on Iran itself for the first night in two weeks.
Yemen is edging towards the resumption of a more than decade-old frozen conflict, Yemeni officials, Western diplomats and analysts say, as attacks on Saudi infrastructure and shipping by Iran-aligned Houthis test the patience of the kingdom and the Yemeni government forces it backs.
President Donald Trump said Thursday that a civilian nuclear cooperation deal signed with Saudi Arabia a day earlier is "totally subject" to the kingdom normalizing relations with Israel through the Abraham Accords, adding a significant condition that was not part of the original agreement as announced.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.