Kuwait City: Acting Prime Minister Sheikh Fahad Yusuf Saud Al-Sabah emphasized the crucial need for economic cooperation and integration among Arab nations, aiming to unify policies and procedures to strengthen economic frameworks and improve the business environment. Speaking at the joint annual meetings of financial institutions and the 16th regular session of the Council of Arab Finance Ministers, hosted in Kuwait, Sheikh Fahad Al-Yusuf highlighted the historic responsibility faced by Arab financial institutions to intensify their efforts for institutional integration.
According to Kuwait News Agency, Sheikh Fahad underscored the importance of fostering Arab solidarity, adapting to changes, and responding swiftly to the needs of member states, stating the urgency for intensified efforts in the current era. He also pointed out the significant role of technology, particularly artificial intelligence, as a major global economic driver. Kuwait maintains a steadfast commitment to supporting youth empowerment, developing human capital, and bolstering small and medium enterprises.
Sheikh Fahad reiterated Kuwait's long-standing dedication to aiding development in emerging nations, rooted in the establishment of the Kuwait Fund for Arab Economic Development over six decades ago, marking a pivotal contribution to Arab and international developmental efforts.
Omani Finance Minister Sultan Al-Habsi also addressed the assembly, highlighting the adverse impacts of current global events on the economy, which in turn affect the Arab region. Al-Habsi called for prompt and effective actions from joint Arab financial institutions to mitigate these challenges.
The meetings are attended by delegations from various Arab countries, including ministers and senior officials, along with economists focused on public debt management.