By Anadolu staff
RIYADH, Saudi Arabia (AA) - Saudi Arabia's Finance Ministry has announced that it approved a borrowing plan of $37 billion for the projected financial plan of 2025.
The Finance Ministry said in a statement late Sunday that it approved the annual borrowing plan worth 139 billion Saudi riyals ($37.02 billion) in 2025, after being approved by the kingdom's National Debt Management Center, to cover the potential budget deficit.
In past November, the ministry estimated a budget deficit of SAR101 billion ($26.9 billion) for the year 2025, with nearly SAR38 billion ($10.1 billion) 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.
*Writing by Ahmed Asmar in Ankara