Saudi Arabia’s Public Investment Fund (PIF) will increase its annual spending to $70 billion in 2025, a year ahead of schedule.

In February, PIF Governor Yasir Al-Rumayyan announced that the sovereign wealth fund plans to raise its annual capital spending from approximately $50 billion to $70 billion starting in 2026.

In its latest report on Saudi Arabia, the International Monetary Fund (IMF) highlighted that the PIF’s investments are set to reach $70 billion by 2025, according to Amin Mati, the IMF’s Mission Chief for Saudi Arabia.

The state-owned PIF has postponed some of its giga-projects due to lower-than-expected oil revenues and foreign direct investment over the past year.

In 2021, the wealth fund set targets of $39 billion in annual spending on projects and assets under management of $1 trillion by 2025. According to the Global SWF data tracker, the PIF currently holds $978 billion in assets, making it one of the world’s largest sovereign wealth funds.

This year, the PIF saved at least $15 billion by divesting from US equities and also doubled its stake in oil giant Aramco to 16% in March.

The PIF’s spending plans align with an IMF forecast predicting a 4.7% increase in the kingdom’s GDP in 2025.

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