Major economic reforms for Kuwait’s social, environmental and economic sustainability

Eng. Noura Al-Fassam, Minister of Finance, Minister of State for Economic Affairs and Investment, and Acting Minister of Oil, affirmed the State of Kuwait’s keenness to diversify its economy and enhance ambitious regional and global partnerships to achieve sustainable development goals through “Kuwait Vision 2035.”

This came in a speech delivered by Minister Al-Fassam during her participation in the meeting of Arab finance ministers with the Managing Director of the International Monetary Fund, Kristalina Georgieva, on Wednesday, as part of the State of Kuwait’s participation in the annual meetings of international financial institutions, the Board of Governors of the World Bank Group and the International Monetary Fund, held in Washington.

The Minister of Finance said in the meeting, which was also attended by the Governor of the Central Bank of Kuwait, Basel Al-Haroun, that the State of Kuwait is currently witnessing a package of major economic reforms, and that Kuwait is committed to social, environmental and economic sustainability, which is in line with the United Nations agenda for sustainable development goals 2030.

Al-Fassam stressed that international cooperation is “crucial” to achieving the ambitious sustainable development goals, noting that the State of Kuwait is always supportive of regional and global partnerships towards a more prosperous world.

Furthermore, she added that the State of Kuwait is also keen to address global economic challenges such as climate change, food security and other pressing global issues, alongside joint initiatives with the Gulf Cooperation Council countries, which have a decisive role and influence in facing these challenges.

Expressing regret, Al-Fassam stressed upon the geopolitical tensions occurring in some Arab countries such as Palestine, Lebanon, Yemen and Syria, highlighting Kuwait’s solidarity with these sister countries.

Moreover, she also called on international financial institutions and the international community to work together to achieve stability and peace in the Arab region.

Regarding the role of the International Monetary Fund, the Minister of Finance praised the Fund’s role in consolidating international cooperation among member states, expressing her hope that it would make greater contributions in the future through the exchange of knowledge and empowering its private training centers.

Al-Fassam emphatically mentioned that, “The State of Kuwait is proud of the presence of an IMF training center in Kuwait since 2011, and hopes to increase the effectiveness of such centers through professional training and technical cooperation between the Fund and member states”.

Furthermore, she also stressed the State of Kuwait’s keenness to continue to be an example to be emulated through cooperation, innovation and dedication to global welfare and contributing to a more prosperous future and world.

The meeting of the Arab finance ministers with the Managing Director of the International Monetary Fund addressed the importance of enhancing the Fund’s role in transferring expertise and supporting member states to confront new global geopolitical and economic challenges, and the need to develop policies to rebuild institutions and enhance digitization and governance.

In the meeting it was also discussed about the importance of developing reform programmes that contribute in combating poverty, climate change and other issues of common interest.

The fall meetings of the International Monetary Fund and the World Bank kicked off last Monday in Washington, where participants are discussing various issues including debt, achieving growth, and other various global challenges.

In addition, the Minister of Finance held a series of meetings with officials from the International Monetary Fund and the World Bank with the aim of strengthening bilateral cooperation relations between the State of Kuwait and the two international organizations.

The Ministry of Finance stated in a press statement that Minister Al-Fassam met with the Director of the Middle East and Central Asia Department at the International Monetary Fund, Dr. Jihad Azour.

The statement added that the bilateral meeting reviewed ways to enhance technical cooperation between the Ministry of Finance and the International Monetary Fund in the field of public finance reform.

This meeting was attended by the Governor of the Central Bank of Kuwait, Basil Al-Haroun, and the Deputy Director of the Middle East Department at the Fund, Zein Zidane. The Minister of Finance also met with the World Bank’s Vice President for the Middle East and North Africa, Ousmane Dionne.

The statement said that the meeting with Dion comes as a continuation of the visit of His Highness the Amir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah’s representative, His Highness the Crown Prince Sheikh Sabah Al-Khaled, to New York City last September, where His Highness discussed with the President of the World Bank, Ajay Banga.

This meeting elaborated ways to enhance cooperation and partnership between the State of Kuwait and the World Bank in the field of advisory services provided by the bank, especially in the field of capacity building, developing the skills of national cadres and exploring opportunities.

The statement explained that Minister Al-Fassam stressed during the meeting the importance of increasing the number of Kuwaiti employees working at the World Bank, in addition to increasing the number of Kuwaiti trainees in the World Bank program.

This primarily indicates the Kuwaiti government’s keenness on the importance of developing human capital and providing them with new skills.