Saudi Minister of Finance holds press briefing on IMFC
Watch Live: Saudi Minister of Finance and IMFC Chair Mohammed Aljadaan and IMF Managing Director Kristalina Georgieva hold a press briefing on the International Monetary and Financial Committee.
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Arab News
5 hours ago
- Arab News
Pakistan economy to grow 2.7 percent in FY25, economic survey shows
ISLAMABAD: Pakistan's economy is likely to expand 2.7 percent in the fiscal year ending June 2025 after growing 2.5 percent during the previous year, the government's economic survey showed on Monday, a day before the country's federal budget is unveiled. The government initially targeted 3.6 percent GDP growth, but lowered it to 2.7 percent last month. The IMF expects real GDP to grow by 2.6 percent in FY25 and for the economy to grow 3.6 percent in FY26. Prime Minister Shehbaz Sharif's government aims for 4.2 percent GDP growth next year, the country's planning minister said last week, amid competing priorities, including stimulating investment, maintaining a primary surplus, and managing defense expenditure amid heightened tensions with India. Pakistan's central bank, in a bid to encourage growth, cut its policy rate by more than 1,000 basis points in the current fiscal year. Its latest cut last month brought the key rate to 11 percent, resuming an easing cycle that had brought rates down from 22 percent after a brief pause in March. Pakistan had a current account surplus of $1.9 billion in the July to April period of the current fiscal year compared to a deficit of $200 million in the same period last year, the survey showed. 'Pakistan's economy has been globally acknowledged for achieving macroeconomic stabilization in the outgoing fiscal year,' Finance Minister Muhammad Aurangzeb said in his foreword to the survey. 'Pakistan is consistently advancing on an upward trajectory, built upon investment friendly reforms, enhanced domestic savings, and increased foreign direct investment, with GDP growth projected at 5.7 percent over the medium term,' he said. The economic survey, a key pre-budget document, comes at a time when Pakistan's economy is stabilizing but remains fragile as the country navigates reforms under a $7 billion International Monetary Fund program. Pakistan's federal budget for the next fiscal year starting July will be released on Tuesday. The government's total revenue for the first three quarters of the current year stood at 13.37 trillion rupees, the survey showed. Increasing revenue to trim the fiscal deficit, a key demand of the IMF program, is considered challenging for Islamabad. Other key performance indicators mentioned in the economic survey include fiscal deficit at 2.6 percent of GDP during the first three quarters of the fiscal year. Inflation was seen at 4.6 percent for the year.
Saudi Gazette
a day ago
- Saudi Gazette
Saudi Pavilion at Expo 2025 Osaka celebrates 70th anniversary of diplomatic relations with Japan
Saudi Gazette report OSAKA — The Saudi Pavilion at Expo 2025 Osaka is celebrating the 70th anniversary of diplomatic relations between Saudi Arabia and Japan. The two countries established diplomatic relations on June 7, 1955, laying the foundation for a long-term partnership that has evolved over the decades into a multifaceted alliance enhancing cultural exchange and diplomatic cooperation. This partnership has also had a significant economic impact on both nations. In February 2025, Saudi Arabia and Japan signed a memorandum to establish a Strategic Partnership Council. In this context, Saudi Ambassador to Japan and Commissioner General of the Saudi Pavilion at Expo 2025 Osaka Dr. Ghazi Faisal Binzagr said that Saudi-Japanese relations have grown and strengthened over the past 70 years. 'The relations go beyond a mere economic partnership to reflect the depth and diversity of our ties. Today, we build on the strength of the past and harness the momentum of the present to jointly shape a new vision for the future,' the ambassador said. 'With Expo 2025 taking place in Osaka and Saudi Arabia hosting Expo 2030 in Riyadh, our two countries stand at the forefront of global exchange, showcasing the latest innovations and sustainable technologies, and contributing to shaping an inclusive future for all.' The Saudi Pavilion at Expo 2025 Osaka hosts hundreds of business events aimed at strengthening trade and investment relations between the Kingdom and Japan. These include presentations led by the Ministries of Investment and Commerce, as well as events highlighting the trade and investment opportunities offered by Saudi Vision 2030. Trade volume between the two countries has grown significantly over the past decade, rising from $33.4 billion to over $41 billion currently. The Saudi Pavilion aims to increase the number of Japanese visitors to the Kingdom, targeting 30,000 annual visitors before Expo 2030 Riyadh. This is part of the comprehensive Saudi-Japan Vision 2030 strategy, which includes more than 80 projects across nine sectors: culture, food and agricultural security, media and entertainment, healthcare, advanced infrastructure, finance and investment, competitive industries, energy, small and medium enterprises, sports, and education. Cultural exchange between the two countries has flourished, highlighted by Saudi Arabia's role in bringing Japanese culture to the Middle East through local manga studios, whose works will be showcased at the Saudi Pavilion in August. The Saudi Pavilion at Expo 2025 Osaka offers more than 700 diverse and engaging events, including daily shows and live performing arts. Since the Expo opened in April 2025, it has attracted over 500,000 visitors. On September 23, it is expected to host a variety of events and presentations in celebration of Saudi National Day.
Arab News
a day ago
- Arab News
Pakistan to unveil Economic Survey 2024-25 on Monday
ISLAMABAD: Pakistan will unveil its Economic Survey 2024-25 tomorrow, Monday, and detail major socio-economic achievements of the outgoing fiscal year, Pakistani state media reported. The survey will include details about performance and economic trends of various sectors, including agriculture, industry, services, energy, information technology and telecommunications, capital markets, health, education and transport. Annual trends of major economic indicators regarding inflation, trade and payments, public debt, population, employment, climate change, and social protection will also be part of the survey. 'Finance Minister Muhammad Aurangzeb will release the Economic Survey-2024-25 at a ceremony to be held in Islamabad,' the Radio Pakistan broadcaster reported. The survey will be followed by the presentation of the national budget. The earlier dates for the announcement of Economic Survey 2024-25 and federal Budget 2025-26 were June 1 and June 2, respectively, but the government extended the dates to June 6 and June 7. Pakistan is currently bolstered by a $7 billion International Monetary Fund (IMF) program and is navigating a long path to economic recovery. The country's annual inflation rate rose to 3.5 percent in May, though its macroeconomic outlook has improved in recent months, supported by a stronger current account balance and increased remittances. The Pakistani government says it remains committed to maintaining macroeconomic stability, accelerating structural reforms, and ensuring that economic growth translates into real and inclusive progress for all citizens. Earlier this month, Planning Minister Ahsan Iqbal announced the government has allocated Rs1 trillion ($3.5 billion) for development projects in the upcoming budget for fiscal year 2025-26.
