Finance Minister: We continue implementing economic reforms

Finance Minister Dr. Yaqoob Al-Sayed Yousef Al-Rafai participated in a meeting of finance ministers and central bank governors from the Middle East and North Africa and Afghanistan and Pakistan (MENAP) region, alongside IMF Managing Director Kristalina Georgieva, with Central Bank of Kuwait Governor Bassel Al-Haroun also in attendance. The meeting discussed key regional economic developments and the challenges facing the region’s economies amid ongoing geopolitical tensions and their economic repercussions.

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. Participants also explored ways to strengthen economies’ resilience to shocks and maintain economic and financial stability.

The meeting addressed priorities for economic and fiscal policies in the coming period, emphasizing the importance of rebuilding fiscal buffers, enhancing spending efficiency, and safeguarding priority investments and social safety nets, thereby supporting fiscal sustainability and bolstering countries’ capacity to manage economic changes.

In his remarks, the Minister stressed that Kuwait has demonstrated strong resilience in the face of exceptional economic challenges, supported by robust financial reserves and prudent economic policies that have helped maintain macroeconomic stability and contain inflationary pressures. He highlighted the importance of enhancing preparedness for future shocks, particularly given risks associated with disruptions in the Strait of Hormuz and their implications for energy markets, supply chains, and economic activity.

He underscored the continued implementation of economic reforms under Kuwait Vision 2035, aimed at strengthening the role of the private sector, stimulating investment and economic diversification, and leveraging artificial intelligence opportunities to boost productivity. He also emphasized 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 to capacity building and knowledge exchange.

Additionally, Finance Minister Dr. Yaqoob Al-Rafai met with Othman Dion, Vice President for the MENAP region at the World Bank, and held talks with the Managing Director of the Multilateral Investment Guarantee Agency (MIGA), during which both sides discussed ways to enhance bilateral cooperation.

Kuwait’s participation in the meeting aligns with its commitment to monitoring regional and international economic and financial developments, and strengthening dialogue and cooperation with international financial institutions and regional countries, thereby supporting economic and financial stability and advancing the nation’s developmental objectives.