(Bloomberg) -- Saudi Arabia plans to keep its overall debt level stable this year with borrowing largely focused on 43 billion riyals ($11.4 billion) in debt refinancing, as rising oil prices and rebounding growth fill state coffers with surplus cash. 

The kingdom may consider additional funding through domestic or international markets, the National Debt Management Center said in a statement published on its website Sunday. Depending on market conditions, it “may explore” a non-dollar denominated international issuance, according to the 2022 borrowing plan, though public debt is expected to remain at 938 billion riyals by the end of 2022, or 25.9% of expected gross domestic product.

Euro-denominated outstanding debt is currently around 2% of the kingdom’s overall portfolio. This year’s split between domestic and international debt will be “largely unchanged” from last year, it added.

Saudi Arabia plans to deliver its first budget surplus in eight years in 2022, along with the fastest economic growth since 2011, as higher oil prices and production volumes boost the finances of the world’s largest crude exporter. The government expects to record a surplus of 90 billion riyals, putting it 12 months ahead of an earlier plan to balance the budget by 2023.

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