![The Saudi Arabia national flag [Chris McGrath/Getty Images]](https://i0.wp.com/www.middleeastmonitor.com/wp-content/uploads/2021/07/GettyImages-1045946652-scaled-e1625580114546.jpg?fit=1200%2C800&ssl=1)
Saudi Arabia’s Finance Ministry has announced that it has approved a borrowing plan of $37 billion for the 2025 projected financial plan, Anadolu has reported.
The ministry said late on Sunday that it approved the annual borrowing plan worth 139bn Saudi riyals ($37.02bn) after it was approved by the kingdom’s National Debt Management Centre, to cover the potential budget deficit.
The ministry estimated in November a budget deficit of 101bn riyals ($26.9bn) for the year 2025, with nearly 38bn SAR ($10.1bn) 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.
READ: UAE overtakes Saudi PIF as global investment leader, leveraging wealth for diplomatic influence