Al-Rifai: Empowering the Private Sector is Kuwait's Priority

Kuwait participated in the general session of 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. The Kuwaiti delegation was chaired by Minister of Finance Dr. Yaqoob Sayyid Yusuf Al-Rafai, while the general session was chaired by Carlos Carvalho Spalding, Governor of the Central Bank of Paraguay and Chair of the 2026 Annual Meetings.

During the session, key challenges facing the global economy were discussed, including the global energy shock crisis and its geopolitical repercussions, and the rising burden of sovereign debt, which drains resources in developing countries and limits their capacity to create jobs. The session also explored ways to leverage the artificial intelligence investment boom to accelerate digital development while addressing economic risks.

Participants in the session included Bassel Al-Haroun, Governor of the Central Bank of Kuwait; Rashid Al-Badr, Acting Managing Director of the Kuwait Fund for Arab Economic Development; Saad Al-Rashidi, Managing Director of Economic Affairs at the Ministry of Finance; and Ahmed Al-Imran, Managing Director of General Budget and General Accounting Affairs.

Notably, the annual meetings of the Boards of Governors of the World Bank Group and the IMF feature broad participation from finance and development ministers, central bank governors, senior executive officials, and representatives from both the public and private sectors.

Minister Al-Rafai also attended a meeting of Arab Governors with Ajay Banga, President of the World Bank Group. The meeting discussed several priority economic and development issues for Arab countries, foremost among them supporting growth and job creation, enhancing the resilience of economies to recover and face challenges, and mobilizing private sector investments to contribute to financing development and reconstruction efforts.

In his remarks during the meeting, Minister Al-Rafai emphasized the importance of strengthening cooperation with the World Bank Group to support sustainable economic growth in the Middle East and North Africa region. He noted that economic diversification, enhancing the role of the private sector, improving the business environment, and digital transformation are key priorities for Kuwait. He also highlighted the importance of investing in infrastructure and human capital, supporting innovation, entrepreneurship, and job creation, particularly for youth. He commended the World Bank Group’s efforts in supporting economic reforms, stimulating investment, and enhancing competitiveness, reaffirming Kuwait’s commitment to continuing partnerships and cooperation that contribute to achieving development and prosperity in the region.

Minister Al-Rafai also participated in the Human Capital Conclave, attended by relevant ministers from member countries of the Human Capital Project Network, alongside senior World Bank Group leaders and international experts. The conclave discussed ways to support human capital development in the age of artificial intelligence, exploring how to leverage private sector investments and digital tools to expand access to high-quality skills development programs for students and workers, aligning with the evolving needs of employers and the labor market.

Saad Al-Rashidi, Managing Director of Economic Affairs at the Ministry of Finance, and Ahmed Al-Imran, Managing Director of General Budget and General Accounting Affairs, also participated in the conclave.