Saudi Arabia plans to up 2024 financing to SAR 138B: NDMC

Logo of National Debt Management Center (NDMC)

The National Debt Management Center (NDMC) said that Saudi Arabia plans to raise its financing in 2024 from what was previously announced in the annual borrowing plan, to reach SAR 138 billion.

In a statement, NDMC explained that a portion of this amount has been covered since early 2024.

This step aims to tap market opportunities in order to provide proactive financing for the next year and utilize it to bolster the state's general reserves or seize additional opportunities to enhance transformative spending this year. This is intended to accelerate the strategic projects and programs of Saudi Vision 2030.

The clarification came as part of NDMC’s statement in April regarding the closing of the April issuance of the Sukuk program at SAR 7.4 billion.

Minister of Finance, Mohammed Al-Jadaan, approved the annual borrowing plan for 2024 last January, after it was endorsed by the NDMC board of directors, Argaam earlier reported.

Saudi Arabia’s financing needs for 2024 are estimated to near SAR 86 billion, including the repayment of principal dues for the year, in addition to covering the expected deficit in the state budget for 2024. Besides, the Kingdom’s debt portfolio is projected to reach about SAR 1.11 trillion by the end of 2024.

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