Saudi Arabia targets a debt-to-GDP ratio of between 25.9 and 26.9% for the next 3 years.

Saudi Arabia targets a debt-to-GDP ratio of between 25.9 and 26.9% for the next 3 years.


Saudi Arabia aims to maintain a debt-to-GDP ratio for the next three years between 25.9 and 26.9 percent, in continuation of the government’s efforts to enhance spending efficiency and achieve financial discipline targets.

According to monitoring by the reporting unit in Al-Eqtisadiah, the Ministry of Finance expects the public debt to reach about 1,024 billion riyals for the year 2023, a growth of 3.4 percent, compared to the actual debt size for 2022, which amounts to 990 billion riyals.

While it is expected to reach about 1,103 billion riyals in the 2024 budget, which means a growth of 7.7 percent over the expected debt for the current year 2023.

The Ministry of Finance, through the National Debt Management Center, aims to diversify sources of financing between local and foreign, through a medium-term debt strategy that takes into account the objectives of Vision 2030 by deepening the local debt market.

According to next year’s budget, 2024, the debt-to-GDP ratio will reach 25.9 percent, while the public debt-to-GDP ratio for the years 2025 and 2026 is estimated to reach about 26.2 and 26.9 percent, bringing the public debt to 1,285 billion riyals by the end of the period.

The financial policy in Saudi Arabia aims to achieve a balance between the goals of maintaining financial stability, promoting sustainable economic growth, and supporting the stage of economic and social transformation that Saudi Arabia is going through, in accordance with Saudi Vision 2030.

The total government financing operations until the third quarter of 2023 amounted to about 129 billion riyals, while it is expected to reach 163 billion riyals by the end of this year.

Local debt constitutes 63 percent of the total debt portfolio, while foreign debt represents 37 percent, according to data for the third quarter of 2023.

Economic Reports Unit

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