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IMF Raises Growth Forecast for Saudi Economy to 6% in 2025

The International Monetary Fund (IMF) HQ2 Atrium on day 2 of the 2024 Spring Meetings of the IMF and the World Bank Group (WBG) in Washington, DC, USA, 16 April 2024. EPA/SHAWN THEW
The International Monetary Fund (IMF) HQ2 Atrium on day 2 of the 2024 Spring Meetings of the IMF and the World Bank Group (WBG) in Washington, DC, USA, 16 April 2024. EPA/SHAWN THEW
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IMF Raises Growth Forecast for Saudi Economy to 6% in 2025

The International Monetary Fund (IMF) HQ2 Atrium on day 2 of the 2024 Spring Meetings of the IMF and the World Bank Group (WBG) in Washington, DC, USA, 16 April 2024. EPA/SHAWN THEW
The International Monetary Fund (IMF) HQ2 Atrium on day 2 of the 2024 Spring Meetings of the IMF and the World Bank Group (WBG) in Washington, DC, USA, 16 April 2024. EPA/SHAWN THEW

The International Monetary Fund has raised its expectations for Saudi Arabia’s economic growth in 2025 to 6 percent – up from 5.5 percent predicted in January.

The IMF also said the Kingdom’s output will grow by 2.6 percent in 2024, down 0.1 percent compared to the previous projection.

Earlier in April, the World Bank also raised the growth prospects of the Kingdom’s economy to 5.9 percent in 2025, up from an earlier projection of 4.2 percent.

The World Bank said Saudi Arabia’s non-oil private sector is expected to grow by 4.8% during the current year due to expansionary public finance policies.

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Türkiye Receives Waiver for Gas Payments to Russia from Gazprombank Sanctions

A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
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Türkiye Receives Waiver for Gas Payments to Russia from Gazprombank Sanctions

A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo

Türkiye has received an exemption for gas payments to Russia after the United States imposed sanctions on Gazprombank, Turkish Energy Minister Alparslan Bayraktar revealed in response to a question from Reuters.

The US imposed new sanctions on Russia's Gazprombank in November, creating an obstacle for buyers of Russian gas, which had been using the bank to make payments. They have since been seeking clarification and exploring other ways to pay.

Türkiye imports almost all its gas requirement and Russia is the top supplier, providing more than 50% of the country's pipeline imports.

Ankara's pipeline gas imports from Russia stood at 21.1 bcm last year.

Türkiye had requested an exemption in discussions with US officials so that it can continue paying for Russian natural gas imports via Gazprombank.

The US on Thursday also granted a waiver to Hungary, which mainly relies on Russian oil and gas.