The Saudi Minister of Finance announced the issuance of debt securities amounting to $ 33.2 billion in 2021.
According to Pak Sahafat News Agency International Group, Saudi Arabia has announced that it has issued $ 33.2 billion in debt in 2021.
Al-Khalij Al-Jadeed website wrote: In a statement, Saudi Finance Minister Mohammed al-Jadaan announced the completion of the annual borrowing plan for 2021 with a financing volume of about 125 billion rials ($ 33.287 billion), including Islamic bonds, most of which are fixed-income instruments to overcome the risks were possible interest rate fluctuations.
Al-Jadaan stressed that the issuance of bonds is part of an approved public debt strategy to meet public financial needs, seize opportunities in domestic and global markets, and manage risks.
The National Center for Debt Management in Saudi Arabia recently announced that the country had issued Islamic bonds worth 415 million rials ($ 110.55 million) in December.
Riyadh has turned to the debt market since mid-2014 after falling oil prices, making it the main source of income for the world’s largest crude oil exporter and third largest producer.
Last year, Saudi Arabia introduced measures such as tripling VAT and abolishing living allowances to increase government resources, which had been depleted by a historic drop in oil prices, and non-oil revenues fell due to the outbreak of the Corona virus.
Riyadh has turned to the debt market since mid-2014 after falling oil prices, making it the main source of income for the world’s largest crude oil exporter and third largest producer.
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The media has previously reported that Saudi Arabia’s debt has increased 21 times in the last six years, and that the country has lost half a trillion dollars since King Salman bin Abdulaziz came to power.
The Saudi Ministry of Finance announced that the country’s national debt is expected to increase by 989 billion rials next year, equivalent to 264 billion dollars or 31.3% of its gross domestic product.
An international institution recently revealed that Saudi Arabia has resorted to debt markets again to borrow new loans, despite rising oil prices.
Sources told Reuters that Saudi Arabia was negotiating with banks to improve the terms of the $ 16 billion loan due in 2023 and possibly reduce the volume of the loan, while the world’s largest oil exporter is seeking to reduce existing government debt.