NBK concludes its participation in annual meetings of IMF and World Bank Group

KUWAIT: The official delegation representing National Bank of Kuwait (NBK) has concluded its participation in the annual events and meetings organized by the board of governors of the International Monetary Fund (IMF) and the World Bank Group, which took place in Washington, DC from October 21 to 26.

The delegation was headed by Isam Al-Sager, Vice Chairman and Group CEO, alongside Omar Bouhadiba, CEO of International Banking Group, and Nassif Chehab, Head of Financial Institutions Division, as well as Rani Selwanes, General Manager of NBK – New York.

The Annual Meetings discussed key economic and financial challenges in addition to various topics including public debt, fiscal sustainability, and economic growth, climate finance, scaling up climate finance. Furthermore, the meetings tackled international trade issues and the impact of geopolitical tensions on the global economic landscape.

On the sidelines of the IMF Meetings, NBK’s delegation conducted numerous bilateral meetings with high-ranking international officials, which focused on addressing key current challenges in the global banking and financial industry.

The delegation also joined the reception ceremony hosted by Kuwait Banking Association (KBA) last Friday in Washington, DC, under the patronage of Basel Al-Haroon, the Governor of the Central Bank of Kuwait. The event was attended by Noura Al-Fassam, Minister of Finance, Minister of State for Economic Affairs and Investment, and Acting Minister of Oil, and Sheikha Al-Zain Al-Sabah, Ambassador of Kuwait to the United States, along with governors of Arab central banks, chairmen of Kuwaiti banks, Kuwaiti banking leaders, and a number of international economic and financial personalities.

Kuwait Central Bank Governorf Basel Al-Haroon and the leaders of Kuwaiti banks.

Isam Al-Sagar, Omar Bouhadiba, Nassif Chehab and Rani Selwanes.

Basel Al-Haroon with Saudi Arbia’s Central Bank Governor.

Minister of Finance Noura Al-Fassam with Basel Al-Haroon during the reception.

The event featured interactions between bankers from Kuwait and their counterparts from Arab and foreign regions, facilitating discussions on the latest financial and banking developments and the exploration of potential collaborations in the fields of finance and investment. NBK’s delegation also joined the dinner banquet hosted by Sheikha Al-Zain Al-Sabah, Ambassador of Kuwait to the United States, attended by Noura Al-Fassam, Minister of Finance, Minister of State for Economic Affairs and Investment, and Acting Minister of Oil, and Basel Al-Haroon, the governor of the Central Bank of Kuwait, along with Kuwaiti banking leaders.

One of the significant highlights of this year’s meetings for the official bank delegation was their participation in a symposium organized by the G30, held concurrently with the annual meetings of the IMF and the World Bank Group. Every year, central bank governors from around the world convene with industry leaders and academic experts at a symposium focused on addressing the most pressing financial and systemic challenges facing the global central banking community. The bank’s delegation also took part in meetings organized by the Institute of International Finance (IIF), where a range of topics were discussed. These discussions covered global challenges, including interest rate reduction cycle, financial markets volatility, global geopolitical tensions, and strategies aimed at bolstering the resilience of the banking industry while fostering sustainable and broadly inclusive economic growth.

The IMF and the World Bank Group Annual Meetings brought together governors of central banks, ministers of finance and development, parliamentarians, private sector executives, civil society, and academics to discuss issues of global concern. These meetings encompass a wide array of activities, including seminars, regional briefings, press conferences, and numerous other events dedicated to addressing topics related to the global economy, international development, and the global financial system. The 2024 Annual Meetings also covered a range of key topics including the strategies for establishing economic resilience in the face of a weak global economy and heightened uncertainty. Policymakers explored ways to build a more resilient future by reinforcing social safety nets to safeguard the most vulnerable segments of society, enhancing governance and accountability, strengthening policy frameworks, and addressing the challenges posed by climate change.

The Annual Meetings feature several significant committees, with the most notable ones being the Development Committee, the International Monetary and Financial Committee (IMFC), the Group of Ten, the Group of Twenty-Four, and the Group of Thirty. The IMFC meeting, in particular, tackled evaluating the current state and potential future trends in the global economy’s performance, as well as examining developments in international financial markets and the types of risks that could impact these performance trends.

During its Annual Meetings, the International Monetary Fund conducted a comprehensive assessment of the global economic outlook. This review encompassed the insights IMF’s experts regarding trends in the global economic performance, expected risks, and the prospects of the world economy.

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