Finance Minister: Kuwait demonstrated high resilience in facing exceptional economic challenges
Finance Minister Jaafar Al-Rafai affirms Kuwait's resilience and macroeconomic stability.
Translated by Qiyas from الجريدة — Original source
Minister of Finance Dr. Yaqoob Al-Sayed Yousef Al-Rafai participated today in the meeting of Finance Ministers and Central Bank Governors of the Middle East and North Africa, Afghanistan, and Pakistan (MENAP) region, with IMF Managing Director Kristalina Georgieva, and with the participation of Central Bank of Kuwait Governor Bassel Al-Haroun.
The meeting discussed the most prominent regional economic developments and the challenges facing the region’s economies amid ongoing geopolitical tensions and their economic repercussions.
The discussions covered economic developments in the region and growth prospects for 2026 and 2027, as well as the impact of regional conditions on economic activity, particularly in the energy, trade, transport, logistics, and tourism sectors, and ways to enhance the resilience of economies to shocks and maintain economic and financial stability.
The meeting also addressed priorities for economic and fiscal policies in the coming period, emphasizing the importance of rebuilding fiscal buffers, enhancing expenditure efficiency, safeguarding priority investments and social safety nets, thereby supporting fiscal sustainability and strengthening countries’ capacity to cope with economic changes.
In his remarks during the meeting, Minister Al-Rafai emphasized that Kuwait has demonstrated a high degree of resilience in the face of exceptional economic challenges, supported by strong financial reserves and prudent economic policies that have contributed to maintaining macroeconomic stability and containing inflationary pressures.
He also highlighted the importance of enhancing preparedness to address future shocks, particularly given the risks associated with disruptions in the Strait of Hormuz and their repercussions on energy markets, supply chains, and economic activity.
He stressed the need to continue implementing economic reforms under Kuwait’s Vision 2035, which aims to strengthen the role of the private sector, stimulate investment and economic diversification, and leverage artificial intelligence opportunities to boost productivity. He also underscored the importance of enhancing regional cooperation and supply chain security, commending the IMF’s role in providing economic advice and the contributions of its regional center in Kuwait in capacity building and knowledge exchange.
Kuwait’s participation in the meeting aligns with its commitment to monitoring regional and international economic and financial developments, and strengthening dialogue and cooperation with international financial institutions and regional countries, in order to support economic and financial stability and advance the country’s developmental objectives.
