Finance Minister discusses IMF financing memorandum updates with Managing Director

Geneva: Kuwait’s prudent policies and strong financial buffers helped contain the fallout from the recent crisis

Finance Minister Dr. Yaqoub Al-Rafai met with International Monetary Fund (IMF) Managing Director Kristalina Georgieve in Manama today, Thursday, to discuss the latest developments regarding the memorandum of understanding (MoU) on financing the IMF Center in Kuwait.

In a statement, the Ministry of Finance said the meeting reviewed the steps and arrangements needed to complete the procedures for signing the MoU, reflecting Kuwait’s commitment to strengthening cooperation and coordination frameworks with the IMF and supporting its role in financial and economic areas of mutual interest.

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For her part, the IMF Managing Director praised during the meeting Kuwait’s pivotal and dynamic role in driving economic and financial stability in the region.

She noted that Kuwait’s success in containing the fallout from the recent crisis stems from reliance on prudent policies and effective crisis management, alongside the deployment of strong financial buffers and sound monetary policies to protect vital economic sectors and achieve sustainable recovery.

The meeting also reaffirmed Kuwait’s ongoing commitment to strengthening coordination and strategic partnership frameworks with the IMF, and to completing the study of all necessary procedures and arrangements for signing the MoU on financing the IMF Center in Kuwait, thereby contributing to supporting and delivering training courses and enhancing cooperation in financial and economic areas of mutual interest.

The meeting was held on the sidelines of Kuwait’s participation in the 126th meeting of the Financial and Economic Cooperation Committee of the Gulf Cooperation Council (GCC).