Kuwait participates in the plenary session of the annual meetings of the World Bank Group and IMF Board of Governors in Bangkok

Kuwait participated in the plenary session of 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, 2026. The Kuwaiti delegation was chaired by Minister of Finance Dr. Yaqoub Al-Rafai, while the plenary session was presided over by Carlos Carvalho Spalding, Governor of the Central Bank of Paraguay and Chair of the 2026 Annual Meetings.

During the session, key challenges facing the global economy were discussed, including the global energy shock crisis and its geopolitical repercussions, and the rising burden of sovereign debt that drains resources in developing countries and limits their capacity to create jobs. The discussions also explored ways to harness the artificial intelligence investment boom to accelerate digital development while addressing its economic risks.

Ajay Banga, President of the World Bank Group, outlined the Group’s key financial and developmental trends, noting that its financing reached $230 billion in fiscal year 2026, and that it mobilized $112 billion in private capital. He also announced the Group’s plan to expand its operations in the critical minerals sector fivefold over the next five years, contributing to support local industries and enhance economic development.

For her part, Kristalina Georgieva, Managing Director of the International Monetary Fund, highlighted the main challenges facing the global economy, foremost among them the rapid transformations in artificial intelligence technologies and their implications for labor markets and tax policies. She emphasized the importance of addressing sovereign debt challenges and strengthening financial stability, and stressed the need to balance containing inflationary pressures stemming from energy shocks with leveraging growing technological investments to support global economic growth.

Participants in the session included Bassel Al-Haroun, Governor of the Central Bank of Kuwait; Rashid Al-Badr, Acting Managing Director of the Kuwait Fund for Arab Economic Development; Saad Al-Rashidi, Director General of Economic Affairs at the Ministry of Finance; and Ahmed Al-Omran, Director General of General Budget Affairs and General Accounting Affairs.

It is worth noting that the annual meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund are attended by a wide range of finance and development ministers, central bank governors, senior executive officials, and representatives from the public and private sectors.