Al-Rafai: Our Financial Reserves Are Strong

Finance Minister Dr. Yaqoub Al-Rafai affirmed that Kuwait has demonstrated a high capacity for 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. This statement was made during Al-Rafai’s participation in the meeting of finance ministers and central bank governors of countries in the Middle East and North Africa, as well as Afghanistan and Pakistan.

He 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 would strengthen the role of the private sector, stimulate investment and economic diversification, and leverage opportunities in artificial intelligence to boost productivity. He also emphasized the importance of enhancing regional cooperation and supply chain security, commending the International Monetary Fund’s role in providing economic advice and the contributions of its regional center in Kuwait in capacity building and knowledge exchange.

The meeting discussed economic and fiscal policy priorities for the coming period, the importance of rebuilding fiscal buffers, enhancing expenditure efficiency, and safeguarding priority investments and social protection networks, all of which support fiscal sustainability and strengthen countries’ ability to cope with economic changes.