Kuwait Seeks Economic Diversification in Line with Vision 2035, Minister States

Washington: Kuwait is actively pursuing strategies to diversify its economy and strengthen its ties both regionally and internationally, according to statements made by its Finance Minister. These efforts are part of the broader Kuwait Vision 2035 initiative. According to Kuwait News Agency, Minister of Finance, Minister of State for Economic Affairs and Investment, and Acting Minister of Oil Noora Al-Fassam highlighted these ambitions during her speech at a meeting with Arab finance ministers and Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF). The meeting took place as part of the annual IMF and World Bank Board of Governors meetings in Washington. Al-Fassam emphasized Kuwait's ongoing economic reforms and its dedication to social, environmental, and economic sustainability, aligning with the United Nations Sustainable Development Goals. Al-Fassam also addressed geopolitical tensions in Palestine, Lebanon, Yemen, and Syria, urging the international community to intensify e fforts to establish peace in the region. She commended the IMF's role in fostering cooperation among member countries and expressed hope for the development of the fund's training centers to facilitate further experience-sharing. The meeting, attended by Basel Al-Haroun, Governor of the Central Bank of Kuwait, also focused on enhancing the IMF's support for member states as they navigate various challenges, including the implementation of policies to rebuild institutions, improve digitalization, and governance. Discussions included potential reform programs targeting poverty reduction, climate change, and other mutual concerns. The IMF and World Bank autumn meetings commenced last Monday, centering on significant issues such as debt management, development achievements, and addressing diverse global challenges.