Kuwait city: The Cabinet, in its customary meeting on Tuesday, reviewed the state financial situation for the fiscal year ending on March 31, 2025, noting its positive indicators which demonstrate the resilience of the national economy.
According to Kuwait News Agency, Deputy Prime Minister and Minister of State for Cabinet Affairs Shereeda Al-Mousherji stated that Minister of Electricity, Water and Renewable Energy and Minister of Finance and Acting Minister of State for Economic Affairs and Investment Dr. Sabeeh Al-Mukhaizeem briefed the Cabinet about the financial situation in FY 2024/2025. The Minister highlighted that the State's assets surpass its liabilities, enhancing Kuwait's financial and economic position and boosting investor confidence.
The Cabinet reviewed data on the General Reserve Fund and the Future Generations Fund, which showed positive results compared to the same period in 2024. These indicators reflect the resilience of the national economy and are expected to attract foreign investment and confirm the success of Kuwait's economic policies, transforming it into an attractive financial and commercial hub.
The Cabinet also witnessed a presentation by Minister Al-Mukhaizeem on the fiscal balance program and ongoing economic and financial reforms aimed at enhancing financial stability and diversifying income sources. Non-oil revenues are projected to grow significantly during FY 2025/2026, driven by financial reforms like restructuring government service fees and upgrading public finance management.
Minister Al-Mukhaizeem briefed the Cabinet on his meeting with Francisco Parodi, Director of the International Monetary Fund's Office in the Middle East and North Africa. Parodi noted signs of economic recovery in Kuwait, supported by increased oil production and growth in non-oil sectors, along with a stable banking system.
Additionally, Al-Mukhaizeem informed the Cabinet about his meeting with a delegation from the People's Republic of China, focusing on the implementation of agreements for Shagaya and Abdali energy projects, key components of Kuwait's renewable energy strategy.
The Cabinet approved a draft decree-law to abolish Law No. 115 of 2014, concerning the Public Authority for Roads and Land Transport, and referred it to His Highness the Amir of Kuwait. It also assigned the Ministry of Public Works with railway project execution.
Minister of Justice Nasser Al-Sumait presented a national plan for modernizing the legislative system, aiming to update 25 percent of current laws by December 2026. So far, 18 percent of laws have been reviewed.
Minister of Defense Sheikh Abdullah Ali Al-Sabah announced that the ICAO would award Kuwait's Public Authority for Civil Aviation the ICAO Council President's Certificate for its aviation security achievements.
The Cabinet also congratulated Saudi leadership on the 95th anniversary of the Kingdom's National Day and expressed condolences on the death of the Grand Mufti of Saudi Arabia. Furthermore, it approved the minutes of the Supreme Committee for the Investigation of Kuwaiti Citizenship related to cases of citizenship loss, withdrawal, and revocation.