Finance Minister: Kuwait Demonstrated High Resilience in Facing Exceptional Economic Challenges
The Finance Minister affirmed Kuwait's economic resilience and the continuation of reforms.
Translated by Qiyas from السياسة — Original source
- Continuing the implementation of economic reforms under “Kuwait Vision 2035”
Finance Minister Dr. Yaqoub Al-Rafai affirmed on Wednesday that Kuwait has demonstrated a high capacity to withstand exceptional economic challenges, supported by strong financial reserves and prudent economic policies that have contributed to maintaining macroeconomic stability and containing inflationary pressures.
In a press release, the Ministry of Finance stated that this came during Minister Al-Rafai’s participation in the meeting of finance ministers and central bank governors of the Middle East and North Africa, Afghanistan, and Pakistan (MENAP) region, with IMF Managing Director Kristalina Georgieva, and with the participation of Central Bank of Kuwait Governor Bassel Al-Haroun, on the sidelines of the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund in Bangkok.
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The ministry added that Minister Al-Rafai stressed the need to enhance preparedness to face future challenges, particularly in light of risks associated with disruptions in the Strait of Hormuz and their repercussions on energy markets, supply chains, and economic activity.
The ministry noted that Minister Al-Rafai reaffirmed the continuation of economic reforms under “Kuwait Vision 2035,” which would strengthen the role of the private sector, stimulate investment and economic diversification, and leverage artificial intelligence opportunities to boost productivity.
It clarified that Minister Al-Rafai also emphasized the importance of enhancing regional cooperation and supply chain security, commending the IMF’s role in providing economic advice and the contributions of its regional center in Kuwait in capacity building and knowledge exchange.
The ministry pointed out that the meeting discussed major regional economic developments and challenges facing the region’s economies amid ongoing geopolitical tensions and their economic repercussions.
According to the statement, the meeting addressed economic developments in the region and growth prospects for 2026 and 2027, as well as the impact of regional conditions on economic activity, particularly in the energy, trade, transport, logistics, and tourism sectors, and ways to enhance the resilience of economies to shocks and maintain economic and financial stability.
The meeting also discussed economic and fiscal policy priorities in the coming period, and the importance of rebuilding fiscal buffers, enhancing expenditure efficiency, maintaining priority investments and social safety nets, thereby supporting fiscal sustainability and strengthening countries’ ability to cope with economic changes.
Kuwait’s participation in the meeting comes in line with its commitment to follow regional and international economic and financial developments, and to enhance dialogue and cooperation with international financial institutions and regional countries, thereby supporting economic and financial stability and serving the country’s developmental objectives.
