Saudi Arabia approves borrowing plan for fiscal year 2025
(MENAFN) Saudi Arabia's Finance Minister, Mohammed bin Abdullah Al-Jadaan, has approved the kingdom’s borrowing plan for the fiscal year 2025, which includes financing requirements amounting to approximately 139 billion Saudi riyals (around 37.01 billion U.S. dollars). The plan was endorsed by the Saudi National Debt Management Centre and provides a detailed look into the country’s public debt developments for 2024. It also highlights strategies related to the local debt markets and outlines the key principles guiding the funding approach for the upcoming fiscal year.
The borrowing plan is designed to address two main financial objectives: covering a fiscal deficit of 101 billion Saudi riyals and managing the repayment of principal debt obligations, which total 38 billion Saudi riyals. These components reflect Saudi Arabia’s ongoing efforts to maintain fiscal stability while balancing the repayment of existing debt with the funding needed to cover the deficit in the coming year.
The comprehensive nature of the plan underscores the importance of managing national debt effectively and ensuring sustainable fiscal practices in light of the kingdom’s economic and developmental goals. The detailed financing strategy laid out by the Finance Minister is part of the broader fiscal reforms aimed at diversifying the economy and reducing reliance on oil revenues.
As the Saudi government continues to implement its Vision 2030 reforms, this borrowing plan serves as a critical element in managing the country’s financial health and supporting its ambitious economic transformation goals. The approach ensures that public debt is managed responsibly while setting the stage for future growth and stability.
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