The Saudi Finance Minister approves the annual borrowing plan for 2023, at about 45 billion riyals

The Saudi Finance Minister approves the annual borrowing plan for 2023, at about 45 billion riyals
The Saudi Finance Minister approves the annual borrowing plan for 2023, at about 45 billion riyals
-

Today, Wednesday, the Saudi Minister of Finance, Muhammad 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 would constitute approximately 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 approximately 48 billion riyals.

-

Despite expectations of achieving budget surpluses during the year 2023, the Kingdom aims to continue its domestic and international financing operations with the aim of paying the principal due during the year 2023 and in the medium term.

--

The Kingdom also aims to take advantage of the available opportunities, according to market conditions, to carry out additional financing operations in a proactive manner to pay principal dues for the coming years, and to finance some strategic projects, in addition to exploiting market opportunities to implement alternative government financing operations that would enhance economic growth, such as financing capital projects and infrastructure.

According to the statement of the Saudi Ministry of Finance; “The National Debt Management Center will continue to monitor the local and international markets, to seize the opportunity to enter 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 account the movement of markets and risk management in the government debt portfolio.”

-

--

PREV Saudi Arabia: Approval of the annual borrowing plan for the year 2023 – Saudi News
NEXT “Retal Urban Development” is a strategic partner of the Real Estate Future Forum – Saudi News