Finance Minister: We Demonstrated High Resilience in Facing Exceptional Economic Challenges

Kuwait’s Minister of Finance, Dr. Yaqoub Al-Rafai, affirmed on Wednesday that the State of Kuwait has demonstrated a high capacity for resilience in the face of exceptional economic challenges, supported by strong financial reserves and prudent economic policies that have contributed to maintaining macroeconomic stability and containing inflationary pressures.

The Ministry of Finance stated in a press release 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 Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), and Bassel Al-Haroun, Governor of the Central Bank of Kuwait, attending on the sidelines of the Annual Meetings of the Boards of Governors of the World Bank Group and the IMF in Bangkok.

The ministry added that Minister Al-Rafai emphasized the necessity of enhancing preparedness to address future challenges, particularly given the 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 continued implementation of economic reforms under “Kuwait Vision 2035,” which aims to strengthen the role of the private sector, stimulate investment and economic diversification, and leverage artificial intelligence opportunities to boost productivity.

He also underscored 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 key regional economic developments and challenges facing the region’s economies amid ongoing geopolitical tensions and their economic fallout.

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 priorities for economic and fiscal policies in the coming period, emphasizing the need to rebuild fiscal buffers, enhance expenditure efficiency, safeguard 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 aligns with its commitment to monitoring regional and international economic and financial developments, and enhancing dialogue and cooperation with international financial institutions and regional countries, in order to support economic and financial stability and advance the state’s developmental objectives.