KUWAIT: National Bank of Kuwait (NBK) will participate in the annual meetings of the board of governors of the International Monetary Fund (IMF) and the World Bank scheduled to take place in Marrakech, Morocco, between Oct 9 and October 15. NBK’s delegation will be led by Isam Al-Sager, Vice Chairman and Group CEO of National Bank of Kuwait Group, Salah Al-Fulaij, CEO of National Bank of Kuwait - Kuwait, Sulaiman Al-Marzouq, NBK-Kuwait Deputy CEO and Omar Bouhadiba, CEO, International Banking Group at NBK Group.

The bank’s delegation will take part in the annual meetings, focusing on discussions regarding significant economic and financial challenges. Among the key topics on the agenda are investment in education, the acceleration of climate financing efforts, the promotion of inclusive growth, and addressing issues related to food and fuel crises. This year’s annual meetings will also address a multitude of critical subjects. These include strategies for building economic resilience in uncertain times, particularly in the context of a fragile global economy marked by heightened uncertainty.

Policymakers are tasked with forging a more resilient future through actions such as enhancing social safety nets to protect the most vulnerable populations, advancing governance and accountability, fortifying policy frameworks, and tackling the challenges posed by climate change. The 2023 annual meetings will also engage in extensive conversations regarding transformative reforms, underscoring the increasing need for structural adjustments to enhance economic growth.

These reforms are geared towards facilitating a transformation that not only encourages inclusivity and diversification but also effectively tackles the urgent challenge of climate change, all while promoting and facilitating digital transformation. Furthermore, there will be discussions on strategies for collaborative actions aimed at reinforcing shared priorities, including but not limited to tackling climate change, food insecurity, and increasing pandemic preparedness. The delegation will participate in the symposium organized by the Global G30 in conjunction with the IMF and World Bank Group annual meetings.

The meetings bring together central bankers, private sector executives, and academics to discuss issues of global concerns. The delegation’s participation in the Institute of International Finance (IIF) meetings will encompass a diverse array of topics. These subjects include discussions on tightening monetary policies, financial markets volatility, global geopolitical tensions, and strategies aimed at bolstering the resilience of the banking industry while fostering sustainable and broadly inclusive economic growth. On the sidelines, the NBK delegation will engage in several one-on-one meetings with senior international officials.

These meetings will be centered on addressing the key challenges currently facing the global banking and financial industry. Additionally, the delegation will take part in a joint reception ceremony for Kuwaiti banks scheduled to take place on Oct 12 in Marrakech. The IMF and the World Bank Group annual meetings bring together central bankers, ministers of finance and development, parliamentarians, private sector executives, civil society, and academics to discuss issues of global concern, including the world economic outlook, global financial stability, poverty eradication, inclusive economic development, and the effectiveness of international aid.

These meetings encompass a wide array of activities, including seminars, regional briefings, press conferences, and numerous other events dedicated to addressing topics related to the global economy, international development, and the global financial system. The annual meetings feature several significant committees, with the most notable ones being the Development Committee, the International Monetary and Financial Committee (IMFC), the Group of Ten, the Group of Twenty-Four, and the Group of Thirty.

The IMFC meeting, in particular, is slated to tackle a range of critical issues. These include evaluating the current state and potential future trends in the global economy’s performance, as well as examining developments in international financial markets and the types of risks that could impact these performance trends.

Moreover, discussions within this committee will focus on formulating key policies aimed at mitigating the consequences of such risks. NBK actively engages in international forums and meetings, driven by its strong commitment to staying informed about the most recent global developments, activities, and events related to the global economy, international development, and the global financial system.