ShareDOHA: Kuwait Finance Minister, Minister of State for Economic Affairs and Investment and Acting Oil Minister Noura Al-Fassam discussed last week with Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva in Doha boosting Kuwait-IMF cooperation. In a press statement, the Ministry of Finance said the meeting was held on the sidelines of the 122nd meeting of the Financial and Economic Cooperation Committee of the GCC countries in Doha. The two sides explored ways to enhance cooperation and take advantage of the fund’s expertise to address financial challenges and implement economic reforms in Kuwait, according to a statement.
In a separate statement to KUNA, Al-Fassam said it was imperative to enhance economic cooperation between Gulf states. Other Gulf officials echoed her statement, with Qatar’s Financial Minister Ali Al-Kuwari emphasizing that GCC states have proven that they are able to face challenges and achieve accomplishments in financial and economic fields.
GCC Secretary General Jasem Al-Budaiwi said the last period was full of accomplishments and fruitful action in order to boost integration and collaboration among GCC member states. These achievements have positive impacts on Gulf citizens and expats, he said, noting that the GCC financial and economic committee contributes greatly to this progress. Despite global economic slow growth and increased interest, the World Bank expects a 4.7-percent growth in 2025 in the Gulf area, Al-Budaiwi elaborated. In light of economic challenges facing several countries all over the world, GCC states have become a destination of various international companies as they have promising commercial opportunities, he stated.
Minister Al-Fassam also took part in a round-table meeting on the strategy of the International Monetary Fund (IMF). In a statement on Friday, the Ministry of Finance said the meeting was chaired by Qatari Finance Minister Ali Al-Kuwari, with the presence of GCC ministers of finance and economy, IMF Director Kristalina Georgieva, central banks governors and representatives of main Arab organizations and development institutes. The meeting discussed the challenges facing the region, particularly concerning security conditions and their impact on oil prices and the economies of the GCC countries.
It also highlighted the future role of the IMF in boosting the international economy and enhancing global economic cooperation and showcased the main reforms that the fund must execute in the next five years, to preserve the body’s significant role on all levels, the ministry said. Kuwait is hosting the next GCC financial and economic cooperation committee meeting in 2025. — KUNA
