Kuwait affirms its commitment to bolstering economic stability

The State of Kuwait renewed its commitment to supporting international efforts aimed at enhancing economic stability and effectively contributing to achieving sustainable development goals, calling for enhancing joint action in the field of sustainable investments and vital projects. The remarks were made during a speech by the Permanent Delegation of the State of Kuwait to the United Nations, Diplomatic Attache Shabib Al-Ajmi in the Second Committee meeting which was entitled "Macroeconomics". Al-Ajmi said that the macroeconomics is one of the main pillars of sustainable development and global economic growth, and it directly affects determining the standard of living and quality of life of people in countries around the world. Al-Ajmi pointed out that Kuwait has adopted, in its vision "New Kuwait", a comprehensive policies aimed at diversifying the economy and sources of income and reducing dependence on oil, as it focused on developing non-oil sectors such as renewable energy, education and technology. H e added that these policies support small and medium-sized companies for their essential role in driving economic development in the country. With regard to the field of clean energy, the Diplomatic Attaché stated that Kuwait has adopted the (Shaqaya) renewable energy project, which aims to generate 15 percent of the total electricity by 2030, in order to enhance efforts to transition towards a green and sustainable economy. He also pointed out that Kuwait has achieved remarkable progress in the Arab macroeconomic indicators for the year 2023, which reflects its commitment to improving the business and investment environment and strengthening the country's economic structure, in addition to progress in several indicators, including the monetary and banking sector index. On the international level, Al-Ajmi said that the State of Kuwait emphasizes the importance of enhancing cooperation and supporting policies aimed at improving the sustainability of external debts, which comes in line with the directions o f Kuwait's foreign policy through the Kuwait Fund for Development. He stated that the Fund has provided development assistance to more than 100 countries to improve infrastructure and develop the educational and health sectors in those countries, "which reflects our keenness to support developing countries and achieve the sustainability and stability of the global economy." In the same context, Al-Ajmi warned that the global economy is facing unprecedented challenges as a result of economic and geopolitical environmental transformations, which require everyone to work collectively to enhance international cooperation and develop balanced economic policies that ensure sustainability and social justice. The diplomatic attaché concluded Kuwait's speech by calling on the international community to enhance cooperation and joint action in the field of sustainable investments and vital projects to confront these challenges, which require us to combine international efforts to achieve comprehensive and sustainable development for all. Source: Kuwait News Agency