On January 4, the Saudi Press Agency reported that Finance Minister Mohammed Al-Jadaan approved Saudi Arabia’s 2024 Annual Borrowing Plan to handle the projected budget deficit and debt maturities.
This plan, supported by the National Debt Management Center’s board, estimates financing needs at 86 billion riyals (around 22.9 billion U.S. dollars) to cover debt repayments and the expected 79 billion riyal deficit in the 2024 state budget.
The government has previously stated that public debt is expected to reach 1.115 trillion riyals by the end of 2024.
The plan details public debt developments, debt market initiatives starting in 2023, and the 2024 funding strategy, including the issuance of domestic Sukuk under the local program.
The ministry emphasizes a diversified approach, utilizing both domestic and international financing to meet the Kingdom’s obligations and fund development and infrastructure projects to support economic growth.
The 2024 budget, which was approved by the cabinet in December 2023, projected total revenues at 1.172 trillion riyals and total expenditures at 1.251 trillion riyals.
