Saudi news

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

Today, the Saudi Minister of Finance, Muhammad bin Abdullah Al-Jadaan, approved the annual borrowing plan for the year 2023 AD, 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 AD, the financing plan in 2023 AD 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 be approximately 45 billion riyals. Due to the reduction of part of the total financing needs for the year 2023 AD through proactive financing operations that took place during the year 2022 AD by approximately 48 billion riyals.

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

As well as to take advantage of the available opportunities according to the market conditions to carry out additional financing operations in a proactive manner to pay the 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.

The National Debt Management Center will 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 account the movement of markets and risk management in the government debt portfolio.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button