The Kingdom of Saudi Arabia has outlined its financial requirements for 2024, estimating them to be $22.93 billion as part of its annual borrowing plan, as per a statement from the Saudi National Debt Management Center (NDMC) on Thursday.
The comprehensive plan encompasses the development of public debt, initiatives in debt markets for 2023, and the funding plan and guidelines for 2024. It also includes the schedule for domestic Sukuk issuances under the Local Saudi Sukuk Issuance Programme in Saudi Riyal.
Saudi Arabia intends to leverage available opportunities, considering market conditions, to proactively engage in additional funding activities. This strategic approach aims to retire debt principal in the coming years and support the financing of key projects.
The 2024 budget’s overarching goal is to reinforce the government’s financial standing, ensuring that government reserves remain at secure levels to effectively navigate external shocks, as outlined in the budget statement.
