WASHINGTON:  Minister of Electricity, Water and Renewable Energy and Acting Minister of Finance and Minister of State for Economic and Investment Affairs Dr. Sabeeh Al-Mukhaizeem participated late Wednesday in the meeting of Finance Ministers and Central Bank Governors of the Middle East, North Africa and Pakistan (MENAP).

The meeting, held as part of Kuwait’s participation of the Annual Meetings of the World Bank Group and the International Monetary Fund in Washington, reviewed the latest regional and international economic developments as well as exchanged views on key global issues, including current economic challenges.

The meeting also touched on policies focused on strengthening financial stability, seizing growth opportunities and boosting IMF engagement with member states amid uncertainty and regional tensions.On her part, IMF Managing Director Kristalina Georgieva said the inflation in most regional economies had eased due to lower food and energy prices as well as relatively tight monetary policies.

She took note that the IMF raised its growth forecast for the region to 3.2 percent in 2025, up from 2.6 percent in May, expecting it to reach 3.7 percent in 2027, supported by strong domestic demand and ongoing reforms. She stressed key priorities, including rebuilding fiscal and external buffers, strengthening fiscal frameworks and policies, accelerating structural reforms, and deepening IMF partnerships across the MENAP region.

Meanwhile, member states called for the full membership of the State of Palestine in the IMF during a meeting held on the sidelines of the 2025 Annual Meetings of the World Bank and IMF Boards of Governors from October 13 to 18. — KUNA

WASHINGTON:  Minister of Electricity, Water and Renewable Energy and Acting Minister of Finance and Minister of State for Economic and Investment Affairs Dr. Sabeeh Al-Mukhaizeem participated late Wednesday in the meeting of Finance Ministers and Central Bank Governors of the Middle East, North Africa and Pakistan (MENAP).

The meeting, held as part of Kuwait’s participation of the Annual Meetings of the World Bank Group and the International Monetary Fund in Washington, reviewed the latest regional and international economic developments as well as exchanged views on key global issues, including current economic challenges.

The meeting also touched on policies focused on strengthening financial stability, seizing growth opportunities and boosting IMF engagement with member states amid uncertainty and regional tensions.On her part, IMF Managing Director Kristalina Georgieva said the inflation in most regional economies had eased due to lower food and energy prices as well as relatively tight monetary policies.

She took note that the IMF raised its growth forecast for the region to 3.2 percent in 2025, up from 2.6 percent in May, expecting it to reach 3.7 percent in 2027, supported by strong domestic demand and ongoing reforms. She stressed key priorities, including rebuilding fiscal and external buffers, strengthening fiscal frameworks and policies, accelerating structural reforms, and deepening IMF partnerships across the MENAP region.

Meanwhile, member states called for the full membership of the State of Palestine in the IMF during a meeting held on the sidelines of the 2025 Annual Meetings of the World Bank and IMF Boards of Governors from October 13 to 18. — KUNA

KUWAIT: Kuwait approaches environmental and climate issues not merely as international obligations but as a deeply rooted national belief shared by both the government and the people, said Minister of Oil and Chairman of the Supreme Council for the Environment, Tareq Al-Roumi. Speaking at the opening of the Regional Dialogue on Accelerating Article 6 Readiness in West Asia under the Paris Agreement on Climate Change on Wednesday, Al-Roumi emphasized Kuwait’s commitment to protecting its environment and preserving natural resources for future generations.

He noted that the Cabinet has recently approved a comprehensive environmental roadmap requiring all relevant entities to submit a biannual report on its implementation — a step that reflects the government’s seriousness in turning environmental policies into tangible realities. Al-Roumi added that Kuwait’s hosting of the regional dialogue, organized in cooperation with the United Nations Environment Programme (UNEP), underscores the country’s leading role regionally and internationally in advancing the UN Sustainable Development Goals, particularly Goal 13, which calls for urgent action to combat climate change and its impacts.

He highlighted that these national efforts reflect the vision and directives of the country’s leadership who continue to prioritize climate issues on Kuwait’s national, regional, and global agenda. Since joining the United Nations Framework Convention on Climate Change (UNFCCC) in 1992, Kuwait has been an active partner in international negotiations and initiatives aimed at reducing emissions, reaffirming its commitment to the principle of “common but differentiated responsibilities,” in line with its national priorities for achieving sustainable development.

Sami Dimassi, Regional Director and Representative of UNEP for West Asia, stressed the urgency of enhancing regional climate readiness ahead of the upcoming COP30 conference in Brazil. He warned that current global projections indicate a temperature rise between 2.5°C and 2.9°C this century — far exceeding the 1.5°C target set by the Paris Agreement — which poses serious risks to water security, food systems and energy supplies in West Asia. Dimassi highlighted the pivotal role of Article six of the Paris Agreement, describing it as a key framework for international cooperation through both market and non-market mechanisms.

These mechanisms, he noted, could reduce global emission costs by up to $250 billion annually by 2030. Despite the institutional and technical challenges some countries still face in implementing Article six, he said addressing these gaps could unlock significant opportunities for West Asia to accelerate its energy transition, mobilize climate finance, and strengthen regional collaboration. He concluded by expressing hope that the dialogue would serve as an active platform for knowledge exchange and capacity-building, paving the way for measurable progress in implementing Article six across the region.