Saudi Arabia sets 2024 financing needs at $23 billion to address budget deficit

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.