Saudi Arabia Adopts Annual Borrowing Plan for 2023

Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan approved the annual borrowing plan for 2023 after it was approved by the board of directors of the National Debt Management Center at its last meeting.

The Okaz newspaper reported that the plan includes the most important developments in the field of public debt and debt market initiatives for 2022, the financing plan for 2023 and its guidelines, and the sukuk issuance calendar for 2023 under the local program Kingdom Sukuk in Saudi Riyals.

In addition, it included expectations that funding needs for 2023 will be around 45 billion rials, with a reduction in some of the total funding requirements for 2023 due to proactive funding operations that took place during 2022 by about 48 billion rials. rials.

According to Okaz, despite expectations of reaching a budget surplus in 2023, Saudi Arabia intends to continue local and international financial operations with the aim of repaying the principal during 2023 and in the medium term, as well as seizing the opportunities available, in accordance with market conditions. , to carry out additional financial operations. Proactive payment of core contributions for the coming years and financing of certain strategic projects, in addition to using market opportunities to implement alternative public financing operations that will promote economic growth, such as financing of capital projects and infrastructure.

The National Debt Management Center will continue to monitor local and international markets to take advantage of the opportunity to conduct additional proactive financial transactions in line with market conditions, with the aim of strengthening the Kingdom’s presence in the debt markets and improving performance. debt portfolio, taking into account market movements and risk management in the government debt portfolio, Okaz reports.

Source: “Okaz”

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