#Saudi's NDMC clears 43% of debts due for payment in 2022 | ZAWYA MENA Edition

Saudi's NDMC clears 43% of debts due for payment in 2022 | ZAWYA MENA Edition

The National Debt Management Center (NDMC) was able to repay about SR33 billion, or 43.42 percent, of a total of SR76 billion due for repayment during the year 2022. The center revealed in a recent report that it repaid the debt through the issuance of local bonds.

According to the report, NDMC will issue securities in an optimal way to maintain the average maturity of the Kingdom’s public debt and reduce the risk of refinancing. The center would continue to follow up on liability management, as well as to reduce the risks of refinancing, especially since the average life of the debt portfolio has increased to about 9.5 years at the end of 2021 compared to 9.4 years in 2020.

NDMC expects that the size of the public debt would be stable at SR938 billion by the end of the current year, and the financing needs would amount to about SR43 billion to pay the dues of the principal debt, in addition to the possibility of considering proactive financing operations according to market conditions.

Regarding the principles of securing financing needs in the short, medium and long terms, the center stressed in its report that it was working to sustain the Kingdom’s access to various debt markets to issue sovereign debt instruments at a fair price within well-studied frameworks and foundations for risk management.