Opening of the Plenary Session of the Annual Meetings of the IMF and World Bank in Bangkok with Kuwait's Participation

Kuala Lumpur, Oct 16 (KUNA) -- The general session of the annual meetings of the International Monetary Fund (IMF) and the World Bank Group opened today in Bangkok, with Kuwait participating, to discuss several prominent economic and technical pillars aimed at rebuilding global financial safety nets.

Thai Prime Minister Anutin Charnvirakul, in his speech during the opening session, emphasized that geopolitical divisions are reshaping trade and investment trends, having replaced the wave of economic integration. He stressed the importance of open trade and international cooperation to enhance crisis resilience. Charnvirakul stated that strengthening the ability to withstand and recover from crises requires access to technology, financing, and mutually supportive cooperation.

He called on the financial institutions and global partners to transform dialogue into partnerships and capital into economic opportunities that benefit citizens, help businesses grow, and improve quality of life. He clarified that the meeting’s theme of empowering people and building resilience is not limited to the future of a specific country but encompasses the shared future of all.

Thailand aims to play the role of a bridge connecting regional markets, capital with opportunities, and technology with human resources, relying on cooperation within the Association of Southeast Asian Nations (ASEAN) as a gateway to the global stage.

For his part, World Bank Group President Ajay Banga, in his address during the session, announced that the Group’s total financing reached $230 billion during the fiscal year ending June 30, 2026. Banga explained that the Group mobilized $112 billion in private capital during that year, more than triple the level recorded in fiscal year 2022, and that adding lending from the Bank’s own resources brought total financing to $230 billion.

He announced a target to quintuple the Bank’s work in the critical minerals sector within five years, identifying 20 countries for potential partnerships to develop projects in this sector. Banga added that the Bank launched this week its first country-level agreements with its multilateral development bank partners to build local industries, retain more jobs and value-added within the concerned countries.

The Bank’s new plan for metals and minerals aims to provide $19 billion in financing for critical minerals during the fiscal years 2026 to 2030, compared to about $3.6 billion during the period 2021 to 2025.

The session was chaired by Carlos Spalding, Governor of the Central Bank of Paraguay, and attended by IMF Managing Director Kristalina Georgieva, World Bank Group President Ajay Banga, and more than 4,000 participants, including heads of state and government, finance ministers, central bank governors, and representatives of financial institutions from around the world.

Kuwait’s Minister of Finance, Dr. Yaqoub Al-Rafai, and Governor of the Central Bank of Kuwait, Bassel Al-Haroun, are participating in the annual meetings.

Bangkok is hosting the IMF and World Bank Group annual meetings this year under the theme “Empowering People, Building Resilience,” following Thailand’s previous hosting of the event in 1991. (End)