Kuwait Acting PM: Arab Financial Institutions Must Redouble Efforts To Face Current Challenges

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, April 9 (KUNA) -- Acting Prime Minister Sheikh Fahad Yusuf Saud Al-Sabah stressed on Wednesday the importance of economic cooperation and integration among Arab countries, with the aim of integrating Arab efforts and unifying policies and procedures aimed at strengthening economic structures and enhancing the business environment.
In his speech at the joint annual meetings of financial institutions and the 16th regular session of the Council of Arab Finance Ministers, hosted by Kuwait, Sheikh Fahad Al-Yusuf said that the current complexities place a historic responsibility on Arab financial institutions to redouble their efforts and enhance institutional integration.
He stressed the importance of fostering the spirit of Arab solidarity, adapting to changes, and responding quickly to the needs of member states, saying they are called upon "today more than ever to intensify their efforts."
Sheikh Fahad also noted that the rapid development of technology, particularly artificial intelligence, cannot be ignored, as it has become a major driver of the global economy.
The State of Kuwait continues to adopt a firm stance in supporting and empowering youth, developing human capital, and supporting small and medium enterprises, he added.
Further, he stressed that Kuwait's commitment to supporting development in developing countries is not a new concept, but rather a well-established approach embodied in the establishment of the Kuwait Fund for Arab Economic Development more than six decades ago, a milestone in the journey of Arab and international giving in development.
For his part, Omani Finance Minister Sultan Al-Habsi emphasized that current global events and developments clearly impact the global economy, indicating that this negatively impacts the Arab region as part of this global economic system.
Al-Habsi said that in light of global changes, joint Arab financial institutions must take effective and rapid measures to address these negative impacts.
The meetings will be attended by delegations from Arab countries, including a group of ministers and senior officials from the participating countries, as well as a group of economists concerned with public debt management and debt management personnel. (end)
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