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
Chinese Premier Li Qiang’s visit to Egypt marks a major diplomatic milestone in strengthening China-Egypt ties, said Chinese Ambassador to Egypt Liu Licheng in a statement issued Wednesday.
Saudi Arabia's Crown Prince Mohammed bin Salman met Iranian Foreign Minister Abbas Araqchi in Jeddah on Tuesday, in the first visit by the Iranian official to the Gulf kingdom since Tehran's air war with Israel.
Saudi Arabia and Indonesia signed several deals and memos of understanding worth around $27 billion between private sector institutions in several fields including clean energy and petrochemicals, the Saudi state news agency SPA reported on Wednesday.
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