Fitch lowered their estimates for the government debt to reach 31.1% of GDP in 2021, down from 39.4% in its last forecasts in December 2020, and to reach 33.1% in 2023.
Saudi Arabia has one of the highest reserve coverage ratios among Fitch-rated sovereigns at more than 20 months of current external payments.
His Excellency the Minister of Finance, Mr. Mohammed Al-Jadaan, said that this revision of Saudi's outlook by Fitch from negative to stable, affirms the positive reforms that been taken by the government of Saudi Arabia during the last five years through Saudi Vision 2030. Reflecting positively the efficiency of the fiscal policy and an increase in the efficacy of governmental work.
NDMC closes the September 2021 Issuance under the Saudi Arabian Government SAR-denominated Sukuk Program
The National Debt Management Center announces the closure of September 2021 issuance under the Saudi Arabian Government SAR-denominated Sukuk Program. The issuance size was set at SAR 6.675 Bn (six billion and six hundred and seventy-five million Saudi Riyals).
The Sukuk issuances were divided into three tranches as follows:
• The first tranche has a size of SAR 3.170 Bn (three billion and one hundred and seventy million Saudi Riyals) and matures in (2029).
• The second tranche has a size of SAR 2.855 Bn (two billion and eight hundred and fifty-five million Saudi Riyals) and matures in (2033).
• The third tranche has a size of SAR 650 million (six hundred and fifty million Saudi Riyals) and matures in (2036).
*Numbers are rounded to the nearest decimal.