RIYADH: The Saudi finance minister has officially approved the Kingdom’s annual borrowing plan for 2024, covering various financial aspects for the new year. Mohammed Al-Jadaan gave the green light to the strategy following the endorsement by the National Debt Management Center’s board during its recent meeting. The comprehensive plan encompasses key aspects such as public debt developments, financial market initiatives, and the funding plan and guidelines for the year 2024, according to a statement. Additionally, it outlines the calendar of domestic sukuk issuances under the Local Saudi Sukuk Issuance Program in Saudi riyal. The 2024 annual borrowing plan, a crucial component in managing the country’s financial landscape, projects financing needs at approximately SR86 billion ($23.22 billion). Saudi Arabia expected its financing to be around SR45 billion last year, where it raised about SR48 billion for 2023 financing needs in pre-funding transactions in 2022. The 2024 figure includes provisions for servicing debt maturities and covering the anticipated deficit in the 2024 state budget. The plan aims to bring the total debt portfolio to SR1.11 trillion by the end of 2024. Key features of the strategy include a calculative approach to meeting financing needs through a combination of local and international activities. These measures are designed to address the estimated deficit in the 2024 state budget and manage debt maturing in the same year and in the medium term. The Ministry of Finance is poised to capitalize on market conditions, seizing available opportunities to execute additional financing activities to cover the maturing debt in the coming years. The 2024 annual borrowing plan emphasizes the government’s commitment to leveraging opportunities for alternative activities that contribute to economic growth. This includes financing development and infrastructure projects, aligning with the broader vision of advancing the Kingdom’s prosperity. The ministry anticipates that the implementation of this comprehensive plan will not only meet the financial needs of Saudi Arabia but also stimulate economic growth through strategic investments in key sectors.