(MENAFN- Saudi Press Agency) Riyadh, January 25, 2023, SPA -- The Minister of Finance, Mohammed bin Abdullah Al-Jadaan, approves the Annual Borrowing Plan for the year 2023G after the National Debt Management Center's board endorsement in its last meeting. The plan includes the sovereign debt developments, debt market initiatives for the year 2022, and the 2023 funding plan and its guidelines, in addition to the domestic Sukuk issuance calendar under the Saudi Arabian Government SAR-denominated Sukuk Program.
The 2023 plan has highlighted the estimation for financing needs at approximately SAR 45 bn, after securing approximately SAR 48 bn of the 2023 total financing needs in 2022 through pre-funding activities.
Despite the expectation of achieving a budget surplus during the year 2023, the Kingdom aims to continue its funding activities in the domestic and international markets with the objective of repaying debt principal that will mature during the year 2023 and during the medium-term; utilizing opportunities based on market conditions to enter into pre-funding and liability management transactions, financing strategic projects; and executing government-alternative funding transactions that will promote economic growth such as capital expenditure and infrastructure financing.
In addition, the NDMC will continue to consider additional funding activities subject to market conditions and through available funding channels locally or internationally. This is to ensure the Kingdom's continuous presence in debt markets and to enhance the Kingdom's debt portfolio characteristics, taking into account market movements and the government debt portfolio risk management.
16:44 LOCAL TIME 13:44 GMT
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