Finance Minister: Economic diversification, enhancing the private sector's role, improving the business environment, and digital transformation are Kuwait's key priorities
Kuwaiti Finance Minister Yaqoub Al-Rafai participates in World Bank and IMF meetings in Bangkok, emphasizing priorities of economic diversification and digital transformation.
Translated by Qiyas from الأنباء — Original source
As part of the State of Kuwait’s participation 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, 2026, Minister of Finance Dr. Yaqoub Al-Rafai attended the meeting of Arab Governors with Ajay Banga, President of the World Bank Group.
The meeting discussed a number of priority economic and developmental issues for Arab countries, foremost among them supporting growth and job creation, enhancing the resilience of economies to recover and face challenges, and mobilizing private sector investments to contribute to financing development and reconstruction efforts.
The meeting also addressed the importance of increasing investments in energy, water, food security, and digital infrastructure sectors, as well as strengthening regional connectivity, which contributes to boosting productivity, supporting growth, and creating jobs. It further emphasized supporting small and medium-sized enterprises and enhancing their role in economic activity.
Participants discussed ways to leverage digital transformation and artificial intelligence, and to develop human capital, by developing flexible and accessible digital infrastructure, enhancing countries’ readiness to adopt AI applications and digital technologies, and developing training, qualification, and skills programs aligned with the changing needs of the labor market. Emphasis was placed on empowering youth and women to benefit from emerging economic opportunities.
During his intervention, Minister of Finance Dr. Yaqoub Al-Rafai stressed the importance of strengthening cooperation with the World Bank Group to support sustainable economic growth in the Middle East and North Africa region. He noted that economic diversification, enhancing the role of the private sector, improving the business environment, and digital transformation are key priorities for the State of Kuwait. He also highlighted the importance of investing in infrastructure and human capital, supporting innovation, entrepreneurship, and job creation, particularly for youth. He commended the World Bank Group’s efforts in supporting economic reforms, stimulating investment, and enhancing competitiveness, reaffirming Kuwait’s commitment to continuing partnership and cooperation to contribute to the development and prosperity of countries in the region.
In a related context, Arab Governors discussed the importance of enhancing the representation of Arab professionals in the World Bank Group, particularly in managerial and leadership positions, and expanding opportunities for professional development and access to decision-making roles for Arab talent, in line with principles of meritocracy, diversity, and geographic representation.
Kuwait’s participation in this meeting aligns with its commitment to strengthening cooperation with the World Bank Group and international financial and development institutions, supporting efforts to achieve sustainable development, enhancing the resilience of Arab economies, and fostering a more attractive environment for investment, growth, and job creation.
