Finance Minister: Economic diversification, strengthening the private sector, and digital transformation are Kuwait's priorities - Sarmad
Kuwaiti Finance Minister Jaafar Al-Rifai participates in Bangkok meetings with the World Bank Group President to discuss economic diversification and digital transformation.
Translated by Qiyas from سرمد — Original source
Finance Minister Dr. Yaqoub Al-Rafai participated in the meeting of Arab Governors with Ajay Banga, President of the World Bank Group, 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, Thailand, from October 12 to 18.
In a press statement on Friday, the Ministry of Finance said the meeting discussed several priority economic and developmental 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.
The ministry noted that the meeting addressed the importance of increasing investments in energy, water, food security, and digital infrastructure sectors, as well as strengthening regional connectivity to boost productivity, support growth, and create jobs. It also covered support for small and medium-sized enterprises and enhancing their role in economic activity.
The statement clarified that the meeting discussed ways to leverage digital transformation and artificial intelligence, and to develop human capital, by building accessible and flexible digital infrastructure, enhancing countries’ readiness to adopt AI applications and digital technologies, and developing training, qualification, and skills programs aligned with evolving labor market needs. Emphasis was placed on empowering youth and women to benefit from emerging economic opportunities.
The Ministry of Finance reported that Dr. Yaqoub Al-Rafai stressed in his remarks the importance of strengthening cooperation with the World Bank Group to support sustainable economic growth in the Middle East and North Africa region. He pointed out that economic diversification, enhancing the role of the private sector, improving the business environment, and digital transformation are key priorities for Kuwait.
Dr. Al-Rafai 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, while reaffirming Kuwait’s commitment to continuing partnership and cooperation to contribute to the development and prosperity of countries in the region.
The statement noted that Arab Governors discussed the importance of enhancing the representation of Arab professionals within the World Bank Group, particularly in managerial and leadership positions, and expanding opportunities for professional development and access to decision-making roles for Arab talent, in line with principles of meritocracy, diversity, and geographic representation.
Kuwait’s participation in this meeting comes in the context of its commitment to strengthening cooperation with the World Bank Group and international financial and developmental institutions, supporting efforts to achieve sustainable development, enhancing the resilience of Arab economies, and creating a more attractive environment for investment, growth, and job opportunities.
