Yaqoub Al-Rafai: Kuwait Takes Emergency Measures to Ensure Supply Chain Continuity

Finance Minister Dr. Yaqoub Al-Rafai participated yesterday in the high-level ministerial meeting titled “Food Security, Strategic Sea Lanes, and Solutions to Address Crises,” organized by the World Bank Group in collaboration with the United Nations Office for Project Services (UNOPS). This participation was part of Kuwait’s involvement in the annual meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund, held in Bangkok, Kingdom of Thailand, from October 12 to 18.

During his intervention, Al-Rafai emphasized the importance of the Strait of Hormuz as a vital waterway whose role extends beyond the transport of energy supplies to include food, fertilizers, and essential goods. He noted that disruptions to navigation through the strait affect supply chains, shipping costs, and food security, leading to increased economic pressures, particularly on developing countries reliant on imports.

Al-Rafai outlined Kuwait’s efforts to address these challenges, including taking emergency measures to ensure the continuity of supply chains, enhancing coordination between the public and private sectors, and cooperating with the Kingdom of Saudi Arabia and the Sultanate of Oman to provide alternative maritime routes. He also highlighted support for shipping costs of certain essential imports, removing logistical obstacles, and strengthening strategic food reserves.

Furthermore, Al-Rafai welcomed international efforts aimed at ensuring the safe passage of essential supplies through the Strait of Hormuz, stressing the importance of enhancing cooperation among the United Nations, the World Bank Group, international financial institutions, and relevant countries. Such collaboration would contribute to the continuous flow of essential goods, diversification of supply routes, and the enhancement of global food security and economic stability.

Al-Rafai reaffirmed Kuwait’s commitment to continuing constructive international cooperation to safeguard food security and promote global economic stability.

In a related development, Finance Minister Dr. Yaqoub Al-Rafai met with Egyptian Minister of Foreign Affairs and Head of the Egyptian Expatriates Affairs Bureau Dr. Badr Abdelatty, and Egyptian Minister of Planning and Economic Development Dr. Ahmed Rustom, along with their accompanying delegation. The meeting was attended by Kuwait’s Ambassador to the Kingdom of Thailand Dr. Meshal Al-Mansour and several officials from the Ministry of Finance.

During the meeting, the deep historical and fraternal ties between Kuwait and Egypt were reaffirmed, along with both sides’ shared commitment to enhancing bilateral cooperation in economic, financial, and investment fields. The parties explored new investment opportunities and addressed challenges facing Kuwaiti investments in Egypt.

The discussion also touched upon the importance of the work of the Kuwait-Egypt Joint High Committee in advancing bilateral cooperation in economic, trade, and investment sectors. The committee is scheduled to convene next November.

Al-Rafai, Managing Director at the World Bank Group, met with Abdulaziz Al-Mulla. During the meeting, they discussed ways to enhance cooperation between Kuwait and the World Bank Group in areas such as training and capacity building for civil service personnel, as well as improving their efficiency. They also emphasized the importance of increasing the representation of national staff in the World Bank Group and deepening the utilization of the Bank’s local office in Kuwait.

Al-Rafai also met with Emad Fakhoury, Regional Vice President of the International Finance Corporation (IFC). The meeting focused on strengthening existing cooperation between Kuwait and the IFC, and reviewing opportunities to expand the partnership in areas that support economic diversification, stimulate investment, and enhance the role of the private sector in economic activity, in line with Kuwait’s development goals and economic vision.

The meeting addressed the World Bank Group’s efforts to mobilize private capital, support small and medium-sized enterprises, and leverage digital technologies and artificial intelligence to boost economic growth opportunities. Al-Rafai stressed the importance of enhancing opportunities for national talent to participate in international financial institutions and providing more professional and training opportunities for Kuwaiti youth.