Kuwait: Minister of Finance HE Ali bin Ahmed Al Kuwari took part in the joint meeting of the Finance Ministers and Central Bank Governorsin the Gulf Cooperation Council (GCC) countries' with HE Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, held in Kuwait on Thursday.
The meeting reviewed a number of financial and monetary issues, and discussed the importance of focusing on policies that ensure fiscal sustainability, including developing non-oil revenues and increasing investments in renewable energy sources. The meeting also emphasized the importance of structural reforms to promote private sector-led economic growth and create job opportunities.
In this context, the meeting addressed the appropriate fiscal policy response in the current environment, in light of volatility in oil prices and the rising financing needs required to Finance the economic diversification agenda of the GCC countries.
In his remarks, HE Minister of Finance, Ali bin Ahmed Al Kuwari emphasized that the GCC countries are now better able to cope with energy price fluctuations and other global uncertainties, noting that the region has made significant progress in reducing its reliance on the automatic cyclical fiscal policies that previously prevailed.
He said: "We have been able to achieve a delicate balance between fiscal discipline during periods of growth and maintaining the continuity of strategic investments during periods of declining revenues. This was clearly demonstrated by the progress made in implementing the North Field expansion project in Qatar, despite the volatility and shocks that global markets have witnessed."
