Saudi Arabia approves $37 billion borrowing plan to address 2025 budget deficit

Saudi Arabia's Finance Ministry has approved a borrowing plan of $37 billion (139 billion Saudi riyals) for the financial year 2025, aimed at covering the expected budget deficit.

The Finance Ministry said in a statement late Sunday that it approved the annual borrowing plan worth 139 billion Saudi riyals ($37.02 billion) in 2025, after being approved by the kingdom's National Debt Management Center, to cover the potential budget deficit, News.Az reports, citing foreign media.

In the past November, the ministry estimated a budget deficit of SAR101 billion ($26.9 billion) for the year 2025, with nearly SAR38 billion ($10.1 billion) of debt repayment.

Saudi Arabia aims to diversify local and international financing channels to meet the 2025 funding needs, through issuing sovereign debt instruments at a fair cost.

News.Az