#SaudiArabia sees borrowing around 45 billion riyals in 2023 | Reuters

Saudi Arabia sees borrowing around 45 billion riyals in 2023 | Reuters

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.