Ministry of Finance participates in the plenary session of the World Bank and IMF Group of Governors meetings in Bangkok
Yaqoub Al-Rafai heads the Kuwaiti delegation at the plenary session of the annual meetings of the World Bank Group and the IMF.
Translated by Qiyas from كونا — Original source
Kuwait City, October 16 (KUNA) -- The State of Kuwait participated in the plenary session of the annual meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund, held in Bangkok, Thailand, from October 12 to 18. The Ministry of Finance said in a press statement on Friday that Finance Minister Dr. Yaqoub Al-Rafai led the Kuwaiti delegation, while the plenary session was chaired by Carlos Carvalho Spalding, Governor of the Central Bank of Paraguay and Chair of the 2026 Annual Meetings.
The ministry noted that World Bank Group President Ajay Banga outlined the Group’s key financing and development trends, highlighting that its financing reached $230 billion in fiscal year 2026 and that it mobilized $112 billion in private capital. He also announced the Group’s plan to expand its operations in the critical minerals sector fivefold over the next five years, contributing to the support of local industries and enhancing economic development.
For her part, IMF Managing Director Kristalina Georgieva highlighted the main challenges facing the global economy, foremost among them the rapid transformations in artificial intelligence technologies and their implications for labor markets and tax policies, as well as the importance of addressing sovereign debt challenges and strengthening financial stability. Georgieva emphasized the need to strike a balance between containing inflationary pressures stemming from energy shocks and leveraging growing technological investments to support global economic growth.
The statement added that the session was attended by Central Bank of Kuwait Governor Bassel Al-Haroun, Acting Managing Director of the Kuwait Fund for Arab Economic Development Rashid Al-Badr, Director General of Economic Affairs at the Ministry of Finance Saad Al-Rashidi, and Director General of General Budget and General Accounting Affairs Ahmed Al-Umran.
The annual meetings of the Boards of Governors of the World Bank Group and the IMF are held with broad participation from finance and development ministers, central bank governors, senior executive officials, and representatives of the public and private sectors. (End) A.K. / T.A.B.
