KUWAIT CITY, Sept 15: Sabah Mubarak Al-Jalawi, Chairman of the Board of Directors of Kuwait Accountants and Auditors Association (KAAA), said the “Financial and Economic Resilience: Driving Growth in an Era of Challenges” conference is held at a time the world is facing accelerating economic challenges that require practical solutions and precautionary measures capable of absorbing emergency crises and protecting the future generations. In his opening remarks at the event, Al-Jalawi stated that KAAA, since its founding in 1973, has been playing a vital role in developing the accounting and auditing profession, while enhancing economic resilience through the establishment of specialized institutions. He revealed these institutions include the Academy of Accountants for training national manpower, the Center for Arbitration, Accounting, Tax and Bankruptcy Expertise for resolving commercial disputes and improving the business environment, the Professional Accreditation Center that regulates the profession’s standards and prevents intrusions, andthe  Center for Professional Companies, which is considered a qualitative shift in the field of accounting and auditing. He confirmed the Association has submitted substantive proposals that supported the economic and legislative system in the country over the past years.

He said these proposals include the Companies and Bankruptcy Law, contributing to the drafting of the Auditing Profession Law issued in 2019, and establishing a financial accounting standard for charitable organizations to enhance transparency in the charitable sector. He indicated that the Association focuses on communicating with decision-makers locally, regionally and internationally to provide technical insights and build financial buffers capable of confronting crises and achieving sustainable growth. On the other hand, Professor of Finance at Kuwait University Dr. Turki Al-Shammari emphasized in a lecture titled “Resilient Financial Strategies in Times of Crisis,” that institutions cannot deal with economic, geopolitical or health fluctuations, such as the COVID-19 crisis, without adopting resilient financial strategies.

He explained that financial flexibility means the ability to quickly rearrange priorities, control cash flows, diversify funding sources, and adopt effective governance systems for quick and implementable decisions. He said this flexibility enables institutions to maintain their financial stability, withstand pressures, and even seize growth opportunities despite the challenges. He pointed out that several regional and global experiences have proven the success of these policies. He said institutions that adopted financial flexibility were able to continue and even achieve gains during crises, while others that relied on rigid traditional patterns faltered. Dr. Riyadh Al-Faris, Associate Professor in the Department of Economics at Kuwait University, stated in his lecture, “Economic Strategies and Their Role in the Stability of Governments and Companies,” that economic policies cannot be the same for all countries or situations.

He stressed the need to assess each economic situation individually and adopt appropriate policies. He pointed out that relying on ready-made recommendations from some international organizations without taking into account the specific economic and social structures of developing countries has led to stifling crises and heavy debt burdens. He called for the involvement of various stakeholders in policy formulation and implementation, and for coordination with neighboring countries and trading partners to increase the chances of success and limit the influence of pressure groups. He pointed out that economic policies, despite their benefits, are not without drawbacks, particularly inflation resulting from expansion, unemployment resulting from contraction, increased public debt, and the risks of entering into trade wars due to protectionist measures.

By Marwa Al-Bahrawi
Al-Seyassah/Arab Times Staff

Brazil’s President Luiz Inacio Lula da Silva gives a joint statement with Nigeria’s President Bola Tinubu, at Planalto presidential palace, in Brasilia, Brazil, on Aug 25. (AP)

BRASILIA, Brazil, Sept 15, (AP): Brazil’s President Luiz Inácio Lula da Silva on Sunday pushed back against a 50% tariff on Brazilian imported goods to the United States, arguing that it was “political” and “illogical.” Lula said in a New York Times op-ed that his government is open to negotiating anything that can bring mutual benefits. “But Brazil’s democracy and sovereignty are not on the table,” he said.

US President Donald Trump imposed the tariff on Brazil in July, citing what he called a “witch hunt” against former President Jair Bolsonaro, who at the time stood accused of trying to illegally hang onto power. The trial came to an end on Thursday after a panel of Supreme Court justices ruled that Bolsonaro had attempted a coup after his 2022 electoral defeat to Lula, sparking fears of further US measures against Brazil.

Lula said he was proud of the Supreme Court for its “historic decision” which safeguards Brazil’s institutions, the democratic rule of law and is not a “witch hunt.” “(The ruling) followed months of investigations that uncovered plans to assassinate me, the vice president and a Supreme Court justice,” Lula said. Lula added that the tariff increase was “not only misguided but illogical,” citing the surplus of $410 billion in bilateral trade in goods and services the US has accumulated over the past 15 years

. The op-ed is a sign that Brazil is bracing for more possible sanctions after the Supreme Court’s decision. After Thursday’s ruling, US Secretary of State Marco Rubio posted on X that Trump’s government “will respond accordingly.” Brazil’s Foreign Ministry called Rubio’s comments an inappropriate threat that wouldn’t intimidate the government, saying the country’s judiciary is independent and that Bolsonaro was granted due process.

Bolsonaro on Sunday briefly left his home in Brasilia where he is under house arrest to undergo a medical procedure at a nearby hospital, his first public appearance since Thursday’s ruling. Escorted by police, Bolsonaro went to the DF Star hospital in Brazil’s capital in the morning for procedures related to skin lesions – a temporary release granted by Justice Alexandre de Moraes on Sept. 8.   

KUWAIT CITY, Sept 14: The Organization of Petroleum Exporting Countries (OPEC) marked its 65th anniversary Sunday, emphasizing the importance of stable markets and multilateral dialogue for the future.

OPEC was established between September 10-14, 1960, following intensive meetings in Baghdad, Iraq. The founding members included Kuwait, Saudi Arabia, Iraq, Iran, and Venezuela. Kuwait’s delegation was represented by Ahmad Sayed Omar, alongside Saudi Arabia’s Abdullah Al-Tariki, Iran’s Fuad Rouhani, Iraq’s Tala’at Al-Shaibani, and Venezuela’s Juan Pablo Perez Alfonzo.

According to OPEC, the organization was founded during a period of significant international economic and political transition, characterized by widespread decolonization and the emergence of many new independent states in the developing world.

At the time, the international oil market was dominated by the “Seven Sisters” multinational oil companies, which OPEC states deliberately spiked prices twice in 1959 and 1960, causing severe harm to oil-exporting countries. This manipulation was a catalyst for OPEC’s creation.

The founding meeting established a system to ensure price stability and guaranteed production, addressing the needs of both producers and consumers. It also aimed to enhance cooperation among member countries and unify policies as necessary, while allowing new members to join with approval from the original five founding states.

The OPEC agreement was officially registered with the United Nations Secretariat on November 6, 1962, in accordance with Article 102 of the UN Charter, which requires international agreements to be registered.

Initially, OPEC set up its headquarters in Geneva, Switzerland, in 1960 before moving to Vienna, Austria, in 1965. Qatar joined the organization in 1961, followed by Libya and Indonesia in 1962. Today, OPEC consists of 12 member countries.

Over seven decades, OPEC has maintained its principles and values, ensuring the stability of oil and energy markets. The organization is governed by a Board of Governors and an Economic Council—the former being the main executive body and the latter responsible for economic studies. Several committees oversee production monitoring, internal audits, and other functions.

In 1976, OPEC established the OPEC Fund for International Development, headquartered in Vienna, aimed at fostering cooperation between OPEC members and developing countries through financial assistance and loans.

Kuwait has played an integral role in OPEC activities, both within the organization and through agreements outside of it, such as the OPEC+ framework. In January 2022, OPEC members nominated Kuwaiti Dr. Haitham Al-Ghais as Secretary General for a three-year term beginning in August 2022. His mandate was renewed for an additional three years in August 2025, highlighting Kuwait’s prominent leadership within OPEC.

On Sunday, Kuwait’s Minister of Oil Tareq Al-Roumi said OPEC’s founding marked a historic turning point in the global energy sector. He noted Kuwait’s pivotal role from the outset in supporting OPEC’s policies and achieving its strategic objectives.

In a statement to Kuwait News Agency (KUNA), Al-Roumi described OPEC’s establishment as the start of a new phase for producing countries that affirmed sovereignty over natural resources and fostered a collective vision for national and economic development.

He said Kuwait was not only a founding member but also an active partner in establishing cooperation among producing countries and consolidating the principle of national sovereignty over resources to serve sustainable development.

Al-Roumi emphasized OPEC’s decades-long contributions to supporting member states’ local petroleum industries, maintaining oil market stability, and participating in international dialogue to enhance global energy security. He added that the organization continues to support the global economy and balance the interests of both producers and consumers through enlightened policies.

He highlighted the creation of the OPEC Fund for International Development in 1976 as a key step in expanding OPEC’s impact, aiding ambitious social and economic development programs in many countries. Kuwait has invested in this cooperation to bolster national projects and development initiatives, reflecting its leadership in sustainable development inside and outside the organization.

Al-Roumi noted OPEC’s major role in coordinating international negotiations related to the United Nations Framework Convention on Climate Change (UNFCCC), helping create a favorable environment through long-term forecasts and strategies promoting a comprehensive approach. This includes investing in various energy types and modern technologies while ensuring balance, gradualism, and social, economic, and environmental well-being.

Despite facing numerous challenges and geopolitical fluctuations throughout its history, OPEC’s well-planned strategies have maintained supply security and global market stability. The organization encourages investment across all energy types and adopts modern technologies, balancing economic, social, and environmental dimensions.

Al-Roumi pointed to the formation of the OPEC Plus alliance at the end of 2016 as a pivotal milestone, which helped stabilize oil supplies during the COVID-19 pandemic. Kuwait played an active role in supporting collective coordination policies that led to the largest and longest voluntary production adjustments in oil market history. These efforts received international acclaim and strengthened confidence in OPEC’s policies.

He affirmed Kuwait’s continued support for OPEC’s strategic role in the global energy system, stressing that the organization remains a cornerstone in balancing growing energy demand, environmental sustainability, and social and economic well-being. This reflects the responsibility of producing countries toward their peoples and the world.

“Today we celebrate the 65th anniversary of OPEC’s founding,” Al-Roumi said. “We are confident that Kuwait, with its continued leadership role, will remain, under the guidance of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, His Highness the Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah, may God protect and preserve them, and His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, may God protect him, an effective partner in strengthening cooperation between producing countries and providing a model to be emulated in adhering to responsible oil policies that ensure market stability and energy sustainability for future generations.”

OPEC marks 65th anniversary, highlights commitment to market stability and multilateral dialogue.