Saudi Arabia: Saudi Arabia expects its financing needs to be around SR45 billion ($12 billion) this year, the National Debt Management Center said on Wednesday.

Finance Minister Abdullah Al-Jadaan approved the 2023 annual borrowing plan and a domestic sukuk issuance calendar, the NDMC said in a statement.

The Kingdom raised about SR48 billion for 2023 financing needs in pre-funding transactions in 2022, it added.

The center said the Kingdom aims to “continue its funding activities in the domestic and international markets with the objective of repaying debt principal that will mature during the year 2023 and during the medium-term.”

The NDMC will continue to consider additional funding activities subject to market conditions and through available funding channels locally or internationally, the statement added.

The sovereign debt portfolio rose by about SR52 billion in 2022 to SR990 billion, or 25 percent of gross domestic product, down from 30 percent the previous year, but higher than NDMC’s estimate a year ago of SR938 billion.

For 2023, it forecasts the debt portfolio to fall to SR951 billion, or 24.6 percent of GDP.

Last year, the majority of about SR125 billion in borrowing was raised domestically with roughly 15 percent raised internationally, a decline from almost 40 percent in 2021.

The split between domestic and international debt will be largely unchanged from 2022, NDMC said.