WASHINGTON: Acting Director General of Kuwait Fund for Arab Economic Development Waleed Al-Bahar affirmed the Arab Coordination Group’s (ACG) commitment to adopting effective strategies to meet future development requirements and global economic transformations.

Speaking to KUNA during ACG’s 50th anniversary celebration in Washington D.C. late Wednesday, attended by Acting Finance Minister Dr. Sabeeh Al-Mukhaizeem, Al-Bahar congratulated Kuwait Fund for its role as a founding member in 1975. He emphasized the group’s vital contribution to stimulating economic growth and social progress in developing nations across the globe.

Al-Bahar noted that the Fund continuously strives to enhance its collective development efforts in cooperation with ACG institutions to promote sustainable regional and international economic growth.Since its inception, ACG has financed more than 13,000 development projects in over 160 countries, supporting key sectors such as infrastructure, education, and healthcare.

He stressed the group’s dedication to aligning with the next phase of development by adopting adaptive strategies to address the fast-changing global economic landscape. Al-Bahar expressed pride in Kuwait Fund’s partnerships within the ACG framework, contributing to financing initiatives that drive prosperity and progress in developing countries.

The golden jubilee celebration was held under the theme “United in Cooperation and Development for a Sustainable Future,” reflecting the group’s shared vision to empower nations and achieve lasting positive impact. The event gathered leaders from both public and private sectors, investors, and prominent figures from political and economic circles, underscoring the group’s enduring influence in advancing global development.The celebration served as a milestone in the Arab Coordination Group’s journey, reaffirming its role as a strategic partner in fostering collective action and sustainable growth across the developing world. — AFP

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