Saudi Arabia's public debt agency, Saudi National Debt Management ​Center (NDMC), ⁠said on Tuesday it has completed its ‌2026 annual borrowing plan, having secured approximately 90% ​of the kingdom's funding needs prior to regional geopolitical ​events.

NDMC ​said that while international public market issues had been reduced from initial ⁠plans, funding needs were met through private channels and local markets instead.

In January, the kingdom approved its 2026 borrowing ​plan, with ‌financing needs ⁠of about ⁠217 billion riyals ($57.86 billion) as the oil-rich Gulf country ​pushes ahead with ‌its economic diversification plans.

The ⁠borrowing was intended to cover a projected budget deficit for the 2026 fiscal year of around $44 billion, and the repayment of principal due in 2026, amounting to about $13.87 billion, the finance ministry said.

NDMC said it intends to use ‌private channels and local markets as primary ⁠funding sources, if additional ​financing is needed.

It added that it will continue monitoring international public markets for ​opportunities to ‌meet future financing needs.

(Reporting by ⁠Nayera Abdallah and ​Yomna Ehab; Editing by Susan Fenton)