WASHINGTON: Kuwait is working to expand its scope of financing, encourage long-term partnerships and build a regulatory framework suitable for investors as part of its economic diversification, Minister of Finance Noura Al-Fassam said. She added that Kuwait is capitalizing on its human resources while working to improve business environment and diversify its economy.

“The State of Kuwait takes pride in having national youth employed by both prestigious organizations and seeks to build their capacity and benefit from their experience,” said Fassam, who is also Minister of State for Economic Affairs and Investment and Acting Minister of Oil. Kuwait’s strategy for economic diversification focuses on expanding priority sectors, seizing market opportunities, strengthening infrastructure and building a resilient and sustainable economy prosperous enough to address future challenges, she said at the 2024 Annual Meetings Plenary of the World Bank Group and governors of the Arab central banks on Saturday.

Kuwait and other members of the Gulf Cooperation Council are witnessing a big economic transformation that requires gradual diversification of the sources of income and less reliance on oil revenues. The process necessitates turning to strategic long-term investments based on innovations, hi-tech and sustainability, the minister explained.

Minister Al-Fassam reaffirmed Kuwait’s commitment to building strategic partnerships on regional and international levels in order to advance sustainable development across the Arab world. She said Kuwait was also keen on enhancing its partnership with the International Monetary Fund and the World Bank Group. She noted that she has had “constructive talks” with IMF leaders, notably IMF Managing Director Kristalina Georgieva, on the role of the IMF in enhancing international cooperation, exchange of expertise and successful examples of partnerships particularly in the Middle East region.

“The meeting with WBG representatives explored ways for Kuwait benefiting from the group’s experience in economic and financial reforms and promoting the partnership between both sides,” she said. The minister’s participation in the 2024 IMF-WBG annual meetings, which ended Saturday, came under directives of His Highness the Amir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, His Highness the Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah and His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah. “This signals the great importance Kuwait attaches to international cooperation in the framework of both global financial institutions,” she said. — KUNA