Al-Rifai Heads Kuwait Delegation to the Plenary Session of the World Bank and IMF Annual Meetings
Finance Minister Yaacoub Al-Rifai leads Kuwait's delegation to the World Bank and IMF Group meetings in Bangkok, where the Group Chair outlined financing directions and the IMF Managing Director discussed global economic challenges.
Translated by Qiyas from الراي — Original source
Kuwait participated in the plenary session of the annual meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund, held in Bangkok, Thailand, from October 12 to 18.
The Ministry of Finance said in a press statement today that Minister of Finance Dr. Yaqoub Al-Rafai led the Kuwaiti delegation, while the plenary session was chaired by Carlos Carvalho Spalding, Governor of the Central Bank of Paraguay and Chair of the 2026 Annual Meetings.
The Ministry noted that World Bank Group President Ajay Banga outlined the Group’s key financial and development priorities during the session, highlighting that its financing reached $230 billion in fiscal year 2026 and that it mobilized $112 billion in private capital.
He also revealed the Group’s plan to expand its operations in the critical minerals sector fivefold over the next five years, contributing to supporting local industries and enhancing economic development.
For her part, Managing Director of the IMF Kristalina Georgieva pointed to the major challenges facing the global economy, foremost among them the rapid advancements in artificial intelligence technologies and their implications for labor markets and tax policies, as well as the importance of addressing sovereign debt challenges and strengthening financial stability.
Georgieva emphasized the need to balance containing inflationary pressures stemming from energy shocks with leveraging growing technological investments to support global economic growth.
