Saudi Arabia: Approval of the annual borrowing plan for the year 2023 – Saudi News

Saudi Arabia: Approval of the annual borrowing plan for the year 2023 – Saudi News
Saudi Arabia: Approval of the annual borrowing plan for the year 2023 – Saudi News
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​The Minister of Finance, Mohammed bin Abdullah Al-Jadaan, approved the annual borrowing plan for the year 2023, after it was approved by the Board of Directors of the National Center for Debt Management during its recent meeting. The plan included the most prominent developments in public debt and debt market initiatives for the year 2022, the financing plan in 2023 and its guidelines, in addition to the 2023 calendar of sukuk issuances within the Kingdom’s local sukuk program in Saudi riyals.

The plan also included expectations that the financing needs for the year 2023 will be about 45 billion riyals. Due to the reduction of part of the total financing needs for the year 2023 through proactive financing operations that took place during the year 2022 by about 48 billion riyals.

Despite the expectations of achieving budget surpluses during the year 2023, the Kingdom aims to continue its local and international financing operations with the aim of paying the principal debt due during the year 2023 and in the medium term, and seizing the available opportunities according to market conditions to implement additional financing operations in a pre-emptive manner. Debt for the coming years, and financing some strategic projects, in addition to exploiting market opportunities to implement alternative government financing operations that would enhance economic growth, such as financing capital and infrastructure projects.

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The National Debt Management Center will also continue to monitor the local and international markets. To take advantage of the possibility of entering into additional proactive financing operations according to market conditions, with the aim of strengthening the Kingdom’s presence in the debt markets and enhancing the characteristics of the debt portfolio, taking into consideration the market movement and risk management in the government debt portfolio.

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