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
The United Arab Emirates confirmed on Friday that its remaining military forces have fully withdrawn from Yemen, while urging all parties to work toward de-escalation in the conflict-hit country.
Yemen's Saudi-backed government said it launched an operation on Friday against UAE-backed southern separatists, marking a major escalation in a rift between the two Gulf heavyweights.
Air traffic at Yemen's Aden international airport was halted on Thursday as tensions persisted between Saudi Arabia and the United Arab Emirates, two Gulf powers whose rivalry is reshaping war-torn Yemen.
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