Cabinet Reviews Financial Situation, Affirms Strength Of National Economy

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Sept 23 (KUNA) -- The Cabinet, in its customary meeting on Tuesday, reviewed the state financial situation in the fiscal year ending on March 31, 2025, hailing its positive indicators which reflected the resilience of the national economy.
In a statement following the meeting, headed by His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, Deputy Prime Minister and Minister of State for Cabinet Affairs Shereeda Al-Mousherji stated 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 state financial situation in FY 2024/2025.
The Minister emphasized that the State's assets continue to exceed its liabilities, reflecting the strength of Kuwait's financial and economic position and enhancing investor confidence.
The Cabinet reviewed the data on the General Reserve Fund and the Future Generations Fund, which showed positive results compared to the same period in 2024.
After the presentation, the Cabinet underlined that these positive indicators reflect the resilience of the national economy and would help attract foreign investment. They also confirm the success of the State's policy of economic openness and its vision to transform Kuwait into an attractive financial and commercial hub, while sustaining job creation for future generations, the Cabinet said.
The Cabinet also witnessed a presentation made by Minister Al-Mukhaizeem on the key features of the fiscal balance program and the ongoing economic and financial reforms aimed at enhancing financial stability and diversifying income sources.
The Minister indicated that non-oil revenues are projected to grow significantly during the FY 2025/2026, driven by a series of financial reforms currently being implemented, including the restructuring of government service fees and upgrading public finance management.
He added a new package of economic reforms is in the offing to increase non-oil revenues, attract domestic and foreign investments and raise the contribution of the private sector to the state development and national economy.
He emphasized that these reforms would pave the way for building a more sustainable and competitive economy in the medium and long term.
Minister Al-Mukhaizeem briefed the Cabinet on the outcome of his meeting with Director of the International Monetary Fund's Office in the Middle East and North Africa Francisco Parodi during his visit to Kuwait last Wednesday.
He unveiled that Parodi spoke about signs of economic recovery in Kuwait, supported by increased oil production and significant growth in non-oil sectors. Parodi also stated that inflation in Kuwait is on a downward trend, contributing to price stability, and that the banking system is stable and robust, thanks to the regulatory and supervisory policies of the Central Bank of Kuwait.
Furthermore, Al-Mukhaizeem informed the Cabinet about the outcome of his meeting on Monday with a high-level delegation from the People's Republic of China.
He pointed out that the meeting addressed speeding up implementation of the agreements signed this year between China's State Power Investment Corporation (SPIC) and the Kuwait Investment Authority for the execution of Shagaya and Abdali energy projects, which are key pillars of Kuwait's renewable energy strategy.
The Cabinet approved a draft decree-law to abolish Law No. 115 of 2014 concerning the establishment of the Public Authority for Roads and Land Transport and referred it to His Highness the Amir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah. The Cabinet also approved a decision to assign the Ministry of Public Works with task of executing railway projects.
Meanwhile, the Cabinet watched a presentation made by the Minister of Justice Nasser Al-Sumait, outlining the national plan for modernizing the legislative system.
The Minister said that this plan aims to update approximately 25 percent of the current laws (around 250 laws) by December 2026. He noted that the total number of current laws is 983, and that approximately 181 laws (around 18 percent) have already been reviewed during the past nine months.
Furthermore, Minister of Defense Sheikh Abdullah Ali Al-Sabah informed the Cabinet that he received a letter from the President of the International Civil Aviation Organization (ICAO), apprising him that the international organization would award Kuwait's Public Authority for Civil Aviation (PACA) the ICAO Council President's Certificate on Tuesday in recognition its success in establishing an effective aviation security monitoring system and improving the implementation of ICAO standards and recommended practices.
On this occasion, the Cabinet congratulated the Minister of Defense and the PACA Chairman Sheikh Hamoud Mubarak Al-Sabah on the international honoring. It wished them continued success in their efforts to upgrade the PACA operations.
On another issue, the Cabinet congratulated the Custodian of the Two Holy Mosques Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister Prince Mohammad bin Salman Al Saud and the Saudi people, on the occasion of the 95th anniversary of the National Day of the Kingdom of Saudi Arabia.
The Cabinet wished the Kingdom of Saudi Arabia further progress, prosperity, security and stability under its wise leadership. The Cabinet also commended the Kingdom of Saudi Arabia's firm defense of the Arab and Muslim causes and sincere and fraternal support for the State of Kuwait.
Furthermore, the Cabinet praised the remarkable developmental and civilizational achievements attained by the Kingdom of Saudi Arabia under King Salman and His Crown Prince Mohammad bin Salman in all fields.
The Cabinet expressed its deepest condolences and heartfelt sympathy to Custodian of the Two Holy Mosques and King of the Kingdom of Saudi Arabia Salman bin Abdulaziz Al Saud, and to Saudi and Deputy Prime Minister Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud on the death of the Grand Mufti and Chairman of the Council of Senior Scholars of the Kingdom of Saudi Arabia Sheikh Abdulaziz bin Abdullah bin Mohammed Al-Sheikh.
It deliberated other issues on its agenda and approved some of them and referred some others for ministerial committees for more study.
Finally, the Cabinet approved the minutes of the Supreme Committee for the Investigation of Kuwaiti Citizenship, which included cases of loss, withdrawal and revocation of Kuwaiti citizenship from some individuals, in accordance with the provisions of Decree Law No. (15) of 1959 regarding Kuwaiti nationality and its amendments. (end) ibi

MENAFN23092025000071011013ID1110101278