Kuwait Fund partakes in WBG, IMF meetings in Washington, DC

The participating delegation of Kuwait Fund for Arab Economic Development (KFAED) at the 2024 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG), currently taking place in Washington, DC, USA, held a series of meetings with state representatives and heads of development institutions from various world countries.

During the meetings, the Kuwait Fund delegation, headed by the Fund's Acting Director-General, Alternate Governor of the State of Kuwait at WBG Mr. Waleed Shamlan Al-Bahar, examined subjects of joint interest and ways of activating cooperation frameworks in fields of supporting socio-economic development around the world in light of increasing challenges facing developing nations.

The KFAED delegation also participated in the joint Bank-IMF Development Committee meeting, which is a ministerial-level forum of WBG and IMF for intergovernmental consensus-building on development issues.

The meeting tackled the latest on implementation of roadmap, rules of updated procedures for WBG development as part of the Group's new vision, approved by the Board of Governors during the 2023 annual meetings.

It also discussed the necessary steps to strengthen the Bank's financial capacity in order to maximize its development impact in beneficiary countries, including ensuring a robust and ambitious replenishment of International Development Association (IDA) resources during the next replenishment process.

This year's spring meetings were held during the week April 15-20, under the slogan "Vision to Impact" with broad participation by central bankers, ministers of finance and development, parliamentarians, private sector executives, representatives from civil society organizations, and academics. They discussed issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.