Standard and Poor’s (SandP) has confirmed the Kingdom of Saudi Arabia’s domestic and foreign currency credit rating at “A/A-1” with a stable outlook, according to its recently issued report.
The agency said in its report that its confirmation of the kingdom’s credit rating came against the backdrop of the kingdom’s continued efforts to implement reforms in recent years and structural improvements that contributed to supporting the sustainable development of the non-oil sector, in addition to efforts to manage public finances and maintain a balanced level of public debt.
The agency forecasts GDP growth of 0.2% this year due to a decline in oil production volumes and a 3.4% increase in 2024-2026, based on an increase in the projected demand for oil, in addition to the remarkable growth in the non-oil sector.
The kingdom’s government also continues to pursue the objectives of the Kingdom’s Vision 2030, which aims to develop the non-oil sector by supporting investment in economic diversification projects, empowering skilled Saudis rather than foreign workforce, and increasing the participation of women, the agency said.
Source: Saudi Press Agency