Finance Minister: Hormuz Disruptions Pressuring Food Security Supplies
Finance Minister Jacob Al-Rifai emphasizes the importance of the Strait of Hormuz for food security and outlines Kuwait's emergency measures.
Translated by Qiyas from القبس — Original source
Minister of Finance Dr. Yaqoub Al-Sayed Yousef Al-Rafai participated in the high-level ministerial meeting titled “Food Security, Strategic Sea Lanes, and Solutions to Address Crises,” organized by the World Bank Group in collaboration with the United Nations Office for Project Services (UNOPS), as part of Kuwait’s participation in the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund, held in Bangkok, Kingdom of Thailand, from October 12 to 18, 2026.
During his intervention, the Minister emphasized the importance of the Strait of Hormuz as a vital waterway whose role extends beyond the transport of energy supplies to include food, fertilizers, and essential goods. He noted that disruptions to navigation through the strait affect supply chains, shipping costs, and food security, leading to increased economic pressures, particularly on developing countries reliant on imports.
Mr. Al-Rafai outlined Kuwait’s efforts to address these challenges through emergency measures to ensure the continuity of supply chains, enhanced coordination between the public and private sectors, and cooperation with the Kingdom of Saudi Arabia and the Sultanate of Oman to provide alternative maritime routes. He also highlighted support for shipping costs of certain essential imports, removal of logistical obstacles, and strengthening of strategic food reserves.
He welcomed international efforts aimed at ensuring the safe passage of essential supplies through the Strait of Hormuz, stressing the importance of enhancing cooperation among the United Nations, the World Bank Group, international financial institutions, and relevant countries, to contribute to the continued flow of essential goods, diversification of supply routes, and the strengthening of global food security and economic stability.
In conclusion, Mr. Al-Rafai reaffirmed Kuwait’s commitment to continuing constructive international cooperation to safeguard food security and enhance global economic stability.
