Minister of Finance: We demonstrated high resilience in the face of exceptional economic challenges

Kuwait City, October 14 (KUNA) – Kuwait’s Minister of Finance, Dr. Yaqoub Al-Rafai, affirmed today that Kuwait has demonstrated a high capacity for resilience in the face of exceptional economic challenges, bolstered by strong financial reserves and prudent economic policies that have contributed to maintaining macroeconomic stability and containing inflationary pressures.

The Ministry of Finance stated in a press release that this assessment was made during Minister Al-Rafai’s participation in a meeting of finance ministers and central bank governors from the Middle East and North Africa, Afghanistan, and Pakistan (MENAP) region, attended by International Monetary Fund (IMF) Managing Director Kristalina Georgieva and Central Bank of Kuwait Governor Bassel Al-Haroun, on the sidelines of the Annual Meetings of the World Bank Group and IMF Board of Governors in Bangkok.

The ministry added that Minister Al-Rafai emphasized the need to enhance preparedness to address future challenges, particularly given risks associated with disruptions in the Strait of Hormuz and their repercussions on energy markets, supply chains, and economic activity. He stressed the importance of continuing economic reforms under “Kuwait Vision 2035” to strengthen the role of the private sector, stimulate investment and economic diversification, and leverage artificial intelligence opportunities to boost productivity.

The minister also highlighted 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.

The meeting discussed key regional economic developments and challenges facing the region’s economies amid ongoing geopolitical tensions and their economic fallout. According to the statement, 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. The meeting also explored ways to strengthen the resilience of economies to shocks and maintain economic and financial stability.

Additionally, the meeting addressed priorities for economic and fiscal policies in the coming period, emphasizing the need to rebuild fiscal buffers, enhance spending efficiency, safeguard priority investments, and maintain social safety nets to support fiscal sustainability and improve countries’ ability to manage economic changes.

Kuwait’s participation in the meeting aligns with its commitment to monitoring regional and international economic and financial developments, and to enhancing dialogue and cooperation with international financial institutions and regional countries, thereby supporting economic and financial stability and serving the state’s developmental objectives. (End) A.Kh / N.W.F