Kuwait Fund for Arab Economic Development Participates in General Session of World Bank and IMF Annual Meetings

Kuwait City, October 16 (KUNA) -- The Kuwait Fund for Arab Economic Development participated today, Friday, 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.

In a statement to the Kuwait News Agency (KUNA), Acting Director General of the Kuwait Fund and head of the delegation, Rashid Al-Badr, said that the Fund’s participation in the annual meetings of the World Bank and the IMF reflects its commitment to enhancing cooperation with regional and international development and financial institutions. He added that the participation also aims to exchange views on the most prominent economic and development challenges facing the world and to explore partnership opportunities that contribute to supporting sustainable development efforts and achieving tangible developmental impact in beneficiary countries.

Al-Badr emphasized that the Fund continues its efforts to keep pace with the requirements of the next phase of development by adopting effective and flexible strategies that align with the rapid changes in the global economy, thereby enhancing its capacity to respond to emerging development challenges and contribute to sustainable economic growth.

The statement noted that the plenary session addressed the most prominent challenges facing the global economy, including the repercussions of energy shocks, geopolitical tensions, rising sovereign debt burdens, and their impact on the resources of developing countries and their ability to create jobs. It also discussed opportunities to leverage artificial intelligence investments to accelerate digital development, while taking into account the associated economic risks.

It pointed out that the Fund’s participation in the World Bank and IMF meetings reflects its commitment to strengthening its presence at international forums and consolidating its relations and partnerships with sister and friendly countries, as well as regional and international financial and development institutions, in line with its objectives and mission to support sustainable development efforts.

The statement added that these meetings are widely attended by finance ministers, central bank governors, and heads of United Nations organizations and financial institutions worldwide, who discuss major global economic issues, international development, climate change, health systems, as well as issues of international peace and security in conflict and crisis zones.

On the sidelines of the annual meetings, which began last Monday and conclude next Sunday, the statement clarified that the Kuwait Fund delegation held a series of bilateral meetings with several countries and regional and international development and financial institutions to discuss areas of joint cooperation and ways to enhance relations between the parties.

It noted that the Fund’s participation in bilateral meetings included signing a memorandum of understanding with the Green Climate Fund to enhance cooperation in addressing climate change, and another memorandum of understanding with the Turkish Investment Fund (Türkiye İhracat Kredi Sigortasi, or TİKS) to strengthen developmental cooperation between the two parties.

On another note, the statement mentioned that the Fund participated in the roundtable meeting of reconstruction partners for Syria, organized by the World Bank on the sidelines of the annual meetings. The Fund reaffirmed during the roundtable its readiness to resume developmental cooperation with Syria and contribute to reconstruction efforts in solidarity with the Syrian people, in accordance with the directives of the State of Kuwait and in close coordination with the Ministry of Foreign Affairs. (End) M.D. / M.K.