Finance Minister: Kuwait Takes Emergency Measures to Ensure Continuity of Supply Chains
Finance Minister Jaafar Al-Rifai confirms Kuwait's efforts to ensure the continuity of supply chains and food security.
Translated by Qiyas from الجريدة — Original source
Minister of Finance Dr. Yaqoob Al-Sayed Yousef Al-Rafai participated today in the high-level ministerial meeting titled “Food Security, Strategic Sea Lanes, and Solutions to Address Crises,” organized by the World Bank Group in cooperation with the United Nations Office for Project Services (UNOPS). This participation is 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 passage 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 the implementation of 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.
He welcomed international efforts to ensure the safe passage of essential supplies through the Strait of Hormuz, stressing the importance of enhancing cooperation between the United Nations, the World Bank Group, international financial institutions, and relevant countries. Such collaboration contributes to the continuous flow of essential goods, diversification of supply routes, and the enhancement of global food security and economic stability.
In conclusion, Al-Rafai reaffirmed Kuwait’s commitment to continuing constructive international cooperation to help protect food security and enhance global economic stability.
