Opening of General Session for IMF and World Bank Annual Meetings in Bangkok with Kuwait's Participation

The general session of the annual meetings of the International Monetary Fund and the World Bank Group opened today in Bangkok, with Kuwait participating to discuss several prominent economic and technical pillars aimed at rebuilding global financial safety nets.

During the opening session, Thai Prime Minister Anutin Charnvirakul emphasized that geopolitical divisions are reshaping trade and investment trends, having replaced the wave of economic integration. He stressed the importance of open trade and international cooperation to enhance crisis resilience.

Charnvirakul stated that strengthening the ability to withstand and recover from crises requires access to technology and financing, as well as mutually supportive cooperation.

He called on the two financial institutions and global partners to transform dialogue into partnerships and capital into economic opportunities that benefit citizens, help businesses grow, and improve quality of life.

He clarified that the meeting’s theme of empowering people and building resilience is not limited to the future of a specific country but encompasses the shared future of all.

He added that Thailand seeks to play a bridging role connecting markets across regions, capital with opportunities, and technology with human resources, leveraging cooperation within the Association of Southeast Asian Nations (ASEAN) as a gateway to the global stage.

For his part, World Bank Group President Ajay Banga said in his address that the Group’s total financing reached $230 billion during the fiscal year ending on June 30, 2026.

Banga explained that the Group mobilized $112 billion in private capital during that fiscal year, more than triple the level recorded in fiscal year 2022, and that adding lending from the Bank’s own resources brought total financing to $230 billion.

He announced a target to quintuple the Bank’s work in the critical minerals sector over the next five years and identified 20 countries for potential partnerships to develop projects in this sector.

He added that the Bank launched its first country-level agreements this week with its partners among multilateral development banks to build local industries and retain more jobs and value-added within the respective countries.

The Bank’s new plan for metals and minerals aims to provide $19 billion in financing for critical minerals during the fiscal years 2026 to 2030, compared to approximately $3.6 billion during the period from 2021 to 2025.

The session was chaired by Carlos Spalding, Governor of the Central Bank of Paraguay, and attended by IMF Managing Director Kristalina Georgieva, World Bank Group President Ajay Banga, and more than 4,000 participants, including heads of state and government, finance ministers, central bank governors, and representatives of financial institutions from around the world.

Kuwait’s Minister of Finance, Dr. Yaqoub Al-Rafai, and Governor of the Central Bank of Kuwait, Bassel Al-Haroun, are participating in the annual meetings.

Bangkok is hosting this year’s annual meetings of the IMF and the World Bank Group under the theme “Empowering People, Building Resilience,” following Thailand’s previous hosting of the meetings in 1991.