These remarks came during the joint meeting between Their Excellencies the Ministers of Finance and Central Bank Governors of the GCC states and the Managing Director of the International Monetary Fund, held today, Thursday, October 2, 2025, in Kuwait City.
The meeting was chaired by His Excellency Dr Subaih Abdulaziz Al Mukhaizeem, Kuwait's Minister of Electricity, Water and Renewable Energy, Minister of Finance, and Acting Minister of State for Economic Affairs and Investment who is the Chairman of the current session. The meeting was also attended by Her Excellency Ms Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF).
At the beginning of his speech, His Excellency welcomed the Ministers of Finance and Central Bank Governors of the GCC states and the IMF Managing Director to this joint meeting, which has been held annually for more than 10 years.
He expressed his deep appreciation to Her Excellency Ms Georgieva and the IMF team for preparing studies and reports that contribute to enriching the discussion on the most prominent economic and financial developments in the GCC states, and also help in formulating policies to enhance financial stability and support the path of reform and sustainable growth.
His Excellency stressed during the speech that the economic outlook remains positive, driven by reduced reliance on oil, expansion of natural gas production, and the continuation of economic reforms.
"At the same time, inflation rates are considered under control, while fiscal and monetary policy buffers provide ample room to deal with uncertainty." His Excellency highlighted.
His Excellency also indicated that policies enhancing resilience and accelerating economic diversification, regardless of oil prices, must be achieved by striking a balance between short-term stability and credible medium-term strategies, coupled with an increase in non-oil revenues and prudent risk management.
On the monetary front, he stated that the GCC states are working effectively to strengthen monetary policy, develop liquidity management, and deepen financial markets, which has enabled them to achieve financial stability.
"Simultaneously, they are implementing precautionary and proactive policies to maintain their economic stability." he underlined.
Most importantly, he emphasised that moving forward with structural reforms—such as improving the business environment, enhancing labour force participation, especially for women, leveraging digitisation and artificial intelligence, as well as deepening capital markets—will remain essential for achieving sustainable, private sector-led growth.
His Excellency concluded his speech by affirming that facing a world full of shocks requires a clear vision, strong will, and close cooperation.
"Through forward-looking policies and economic diversity, the GCC states will continue to enhance their resilience and seize opportunities to achieve greater prosperity." His Excellency pointed out.