AVN 64.86 Decreased By ▼ -0.14 (-0.22%)
BAFL 31.10 Decreased By ▼ -0.05 (-0.16%)
BOP 4.74 Increased By ▲ 0.03 (0.64%)
CNERGY 3.90 Increased By ▲ 0.02 (0.52%)
DFML 13.56 Decreased By ▼ -0.14 (-1.02%)
DGKC 41.51 Increased By ▲ 0.24 (0.58%)
EPCL 46.59 Decreased By ▼ -0.10 (-0.21%)
FCCL 11.39 Decreased By ▼ -0.03 (-0.26%)
FFL 5.04 No Change ▼ 0.00 (0%)
FLYNG 5.76 Decreased By ▼ -0.06 (-1.03%)
GGL 9.97 Increased By ▲ 0.02 (0.2%)
HUBC 64.75 Increased By ▲ 0.65 (1.01%)
HUMNL 5.75 Increased By ▲ 0.10 (1.77%)
KAPCO 27.96 Increased By ▲ 0.16 (0.58%)
KEL 2.18 Increased By ▲ 0.05 (2.35%)
LOTCHEM 24.79 Increased By ▲ 0.49 (2.02%)
MLCF 21.40 No Change ▼ 0.00 (0%)
NETSOL 84.65 Increased By ▲ 0.45 (0.53%)
OGDC 88.57 Increased By ▲ 0.63 (0.72%)
PAEL 11.00 Increased By ▲ 0.10 (0.92%)
PIBTL 4.25 Increased By ▲ 0.07 (1.67%)
PPL 78.30 Increased By ▲ 0.60 (0.77%)
PRL 13.59 Decreased By ▼ -0.03 (-0.22%)
SILK 0.90 Increased By ▲ 0.01 (1.12%)
SNGP 41.85 Decreased By ▼ -0.08 (-0.19%)
TELE 5.94 Increased By ▲ 0.07 (1.19%)
TPLP 15.89 Increased By ▲ 0.11 (0.7%)
TRG 111.53 Decreased By ▼ -0.77 (-0.69%)
UNITY 14.00 Increased By ▲ 0.05 (0.36%)
WTL 1.15 Increased By ▲ 0.02 (1.77%)
BR100 4,064 Increased By 16.5 (0.41%)
BR30 14,544 Increased By 76.8 (0.53%)
KSE100 40,732 Increased By 58.8 (0.14%)
KSE30 15,260 Increased By 69.3 (0.46%)
Follow us

DUBAI: Saudi Arabia, the world’s top oil exporter, expects its financing needs to be around 45 billion riyals ($12 billion) this year after pre-funding a larger amount in 2022, the National Debt Management Center said on Wednesday.

Saudi Finance Minister Mohammed al-Jadaan approved the 2023 annual borrowing plan as well as a domestic sukuk issuance calendar, NDMC said in a statement. The kingdom raised about 48 billion riyals for 2023 financing needs in pre-funding transactions in 2022, it added.

Earlier this month, Saudi Arabia raised $10 billion in a multi-tranche bond sale, taking advantage of a window to tap global debt markets amid continuing market volatility.

High oil prices helped Saudi Arabia’s fiscal balance tilt to its first surplus since 2013 last year, expected to be 2.6% of GDP. A consecutive, albeit narrower, surplus is forecast in 2023, clouded by global economic concerns and an uncertain oil price outlook.

Gulf economies to slow this year on sluggish oil demand

Despite the expected surplus, the NDMC said Saudi Arabia will continue its funding activities in domestic and international markets to repay debt maturing in 2023 and in the medium term, as well as tapping markets opportunistically as part of its liability management strategy.

It also said it will consider borrowing more, subject to market conditions, to ensure its “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.”

The sovereign debt portfolio rose by about 52 billion riyals in 2022 to 990 billion riyals, or 25% of GDP, down from 30% the previous year, but higher than NDMC’s estimate a year ago of 938 billion riyals.

KSA in talks with World Bank, others to be ‘more creative’ in supporting Pakistan: Saudi minister

For 2023, it forecasts the debt portfolio to fall to 951 billion riyals, or 24.6% of GDP.

Last year, the majority of about 125 billion in borrowing was raised domestically with roughly 15% raised internationally, a decline from almost 40% in 2021.

The split between domestic and international debt will be largely unchanged from 2022, NDMC said.

Comments

1000 characters

Saudi Arabia sees borrowing around 45bn riyals in 2023

Fitch says PKR to further weaken

Country braces for fuel shortages?

IMF revises GDP growth projections downward

Govt plans to convert Rs800bn PHL debt into public debt

Nepra FCA decision: Power Div proposes revision

KE, Discos: Nepra approves negative tariff adjustments

Jul-Dec: govt has borrowed $5.595bn

In West Bank, US presses for two-state solution

Paracetamol: govt to allow increase in price

Zardari for increasing minimum wages to Rs 35,000