Yaqoub Al-Rafai: Kuwait Continues to Safeguard Food Security and Enhance Economic Stability

Finance Minister Dr. Yaqoub Al-Rafai reaffirmed Kuwait’s commitment to continuing constructive international cooperation, which contributes to safeguarding food security and enhancing global economic stability. He highlighted 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.

During his intervention at the 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 World Bank Group and International Monetary Fund Boards of Governors in Bangkok, Al-Rafai noted that disruptions in navigation through the strait affect supply chains, shipping costs, and food security, leading to increased economic pressures, particularly on developing countries reliant on imports.

He 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 Saudi Arabia and the Sultanate of Oman to provide alternative maritime routes. Additionally, Kuwait has supported shipping costs for certain essential imports, removed logistical obstacles, and strengthened strategic food reserves.

On another front, during his participation in the meetings, Al-Rafai met with Egyptian Minister of Foreign Affairs, International Cooperation, and Egyptians Abroad Dr. Badr Abdelatty, and Egyptian Minister of Planning and Economic Development Dr. Ahmed Rustom, along with their accompanying delegation, with the participation of Kuwait’s Ambassador to the Kingdom of Thailand Dr. Meshal Al-Mansour and several officials from the Ministry of Finance.

The meetings emphasized the deep historical and fraternal ties between Kuwait and Egypt, and the shared commitment of both sides to enhance bilateral cooperation in economic, financial, and investment fields, explore new investment opportunities, and address challenges facing Kuwaiti investments in Egypt.

The discussions also touched upon the importance of the work of the Kuwait-Egypt Joint High Committee in advancing bilateral cooperation in economic, trade, and investment sectors, scheduled to convene next November.

Al-Rafai also met with Abdulaziz Al-Mulla, Managing Director of the World Bank Group, to discuss ways to strengthen cooperation between Kuwait and the World Bank in areas such as training and developing the capacities of civil service personnel, enhancing their efficiency, and increasing the representation of national staff in the World Bank Group. He also stressed the importance of deepening the utilization of the World Bank’s local office in Kuwait.

Furthermore, Al-Rafai met with Emad Fakhr Eldin, Regional Vice President of the International Finance Corporation (IFC), to discuss ways to enhance existing cooperation between Kuwait and the IFC, and to review opportunities for expanding partnerships in areas supporting economic diversification, stimulating investment, and strengthening the role of the private sector in economic activity, in line with Kuwait’s development goals and economic vision.

The meeting addressed the World Bank’s efforts to mobilize private capital, support small and medium-sized enterprises, and leverage digital technologies and artificial intelligence to enhance economic growth opportunities. On his part, Al-Rafai emphasized the importance of increasing opportunities for national talents to participate in international financial institutions, and providing more professional and training opportunities for Kuwaiti youth.