KUWAIT CITY, October 27: The official delegation representing the National Bank of Kuwait (NBK) has concluded its participation in the annual events and meetings organized by the Board of Governors of the International Monetary Fund (IMF) and the World Bank Group . in Washington, DC from October 21 to 26.
The delegation was led by Mr. Isam Al-Sager, Vice Chairman and CEO of the Group, in addition to Mr. Omar Bouhadiba, CEO of International Banking Group, and Mr. Nassif Chehab, Head of the Financial Institutions Department, as well as Mr. Rani Selwanes, General Manager of NBK – New York.
During the annual meetings, key economic and financial challenges were discussed, as well as various topics including public debt, fiscal sustainability and economic growth, climate finance and scaling up climate finance. In addition, the meetings addressed international trade issues and the impact of geopolitical tensions on the global economic landscape.
On the sidelines of the IMF meetings, the NBK delegation held numerous bilateral meetings with senior international officials, focusing on addressing key current challenges in the global banking and financial sector.
The delegation also participated in the reception ceremony organized last Friday by the Kuwait Banking Association (KBA) in Washington, DC, under the patronage of Mr. Basel Al-Haroon, Governor of the Central Bank of Kuwait. The event was attended by Ms. Noura Al-Fassam, Minister of Finance, Minister of Economy and Investments, and Acting Minister of Oil, and Sheikha Al-Zain Al-Sabah, Ambassador of Kuwait to the United States, together with governors of Arab central banks, presidents of Kuwaiti banks, Kuwaiti bank leaders and a number of international economic and financial personalities.
The event featured interactions between bankers from Kuwait and their counterparts from Arab and foreign regions, facilitating discussions on the latest financial and banking developments and the exploration of possible collaborations in the field of finance and investments.
The NBK delegation also participated in the dinner banquet hosted by Sheikha Al-Zain Al-Sabah, Ambassador of Kuwait to the United States, attended by Ms. Noura Al-Fassam, Minister of Finance, Minister of State for Economy and Investments, and Acting Minister . of Oil, and Mr. Basel Al-Haroon, the Governor of the Central Bank of Kuwait, together with Kuwaiti banking leaders.
One of the main highlights of this year’s meetings for the official bank delegation was their participation in a symposium organized by the G30, held simultaneously with the annual meetings of the IMF and the World Bank Group. Each year, central bank governors from around the world gather with industry leaders and academic experts at a symposium aimed at addressing the most pressing financial and systemic challenges facing the global central banking community.
The bank’s delegation also participated in meetings organized by the Institute of International Finance (IIF), where a variety of topics were discussed. These discussions covered global challenges, including the interest rate reduction cycle, financial market volatility, global geopolitical tensions and strategies aimed at strengthening the resilience of the banking sector while promoting sustainable and broadly inclusive economic growth.
The annual meetings of the IMF and the World Bank Group brought together central bank governors, finance and development ministers, parliamentarians, private sector executives, civil society and academics to discuss issues of global importance. These meetings include a wide range of activities, including seminars, regional briefings, press conferences and numerous other events dedicated to discussing topics related to the global economy, international development and the global financial system.
The 2024 Annual Meetings also addressed a range of key topics, including strategies for building economic resilience in the face of a weak global economy and increased uncertainty. Policymakers have explored ways to build a more resilient future by strengthening social safety nets to protect the most vulnerable parts of society, improving governance and accountability, strengthening policy frameworks and addressing the challenges of climate change to take.
During the annual meetings there are several important committees, the most notable 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 focused in particular on assessing the current state of affairs and potential future trends in the performance of the global economy, and also examined developments in international financial markets and the types of risks that could affect these performance trends.
At its annual meetings, the International Monetary Fund conducted a comprehensive assessment of the global economic outlook. This assessment included the insights of the IMF’s experts on trends in global economic performance, expected risks and the prospects of the global economy.