Kuwait has introduced emergency measures to maintain supply-chain continuity, strengthen strategic food reserves and ease the impact of maritime disruptions on essential imports, Finance Minister Dr Yaqoub Al-Rifai said during Kuwait’s participation in the annual meetings of the World Bank Group and the International Monetary Fund in Bangkok.
Speaking at a high-level ministerial meeting on “Food Security, Strategic Maritime Routes, and Solutions to Crises,” organized by the World Bank Group in cooperation with the United Nations Office for Project Services, Al-Rifai highlighted the strategic importance of the Strait of Hormuz, stressing that its role extends beyond energy transportation to include food, fertilizers and other essential commodities.
He warned that disruptions to navigation through the strategic waterway affect supply chains, increase shipping costs and place additional pressure on food security, particularly in developing countries that depend heavily on imports. Outlining Kuwait’s response, Al-Rifai said the government had taken emergency measures to ensure the uninterrupted flow of essential goods.
These included strengthening coordination between the public and private sectors, cooperating with Saudi Arabia and Oman to provide alternative maritime routes, subsidizing shipping costs for certain essential imports, addressing logistical obstacles and reinforcing strategic food reserves.
Al-Rifai also welcomed international efforts to ensure the safe passage of essential supplies through the Strait of Hormuz, emphasizing the need for closer coordination among the United Nations, the World Bank Group, international financial institutions and the countries concerned.
He said stronger international cooperation would help maintain the flow of essential commodities, diversify supply routes, reinforce food security and support global economic stability. Kuwait, he added, remained committed to constructive international cooperation to address shared challenges and safeguard economic stability.
On the sidelines of the meetings, Al-Rifai met with Egypt’s Minister of Foreign Affairs, International Cooperation and Egyptian Expatriates Affairs, Dr Badr Abdel-Aty, and Minister of Planning and Economic Development Dr Ahmed Rostom, accompanied by their delegation.
The discussions reaffirmed the longstanding ties between Kuwait and Egypt and explored ways to expand bilateral cooperation in the economic, financial and investment sectors. The two sides also discussed new investment opportunities and challenges facing Kuwaiti investments in Egypt.
The upcoming meeting of the Kuwaiti-Egyptian Joint Higher Committee, scheduled for November, was highlighted as an important mechanism for advancing cooperation in trade, investment and economic development. Al-Rifai also met with Abdulaziz Al-Mulla, Executive Director of the World Bank Group, to discuss expanding cooperation in training, developing the capabilities of civil service employees and improving public-sector efficiency.
The discussions also addressed increasing Kuwaiti nationals’ representation within the World Bank Group and making greater use of the institution’s local office in Kuwait. In a separate meeting, Al-Rifai held talks with Imad Fakhoury, Regional Vice President of the International Finance Corporation, on expanding cooperation in support of economic diversification, investment and a stronger private-sector contribution to economic activity, in line with Kuwait’s development objectives.
The meeting also covered the World Bank Group’s efforts to mobilize private capital, support small and medium-sized enterprises and harness digital technologies and artificial intelligence to stimulate economic growth. Al-Rifai stressed the importance of creating more professional and training opportunities for Kuwaiti youth and strengthening their participation in international financial institutions.
Kuwait is participating in the annual meetings of the World Bank Group and the IMF, which is being held in Bangkok, Thailand, and runs until October 18.