Kuwait Urges Reform in Global Finance
The State of Kuwait called for reform of the international financial system to enhance the capacity of developing countries to face economic challenges and achieve sustainable development goals. The focus is on expanding concessional financing, redirecting Special Drawing Rights, technology transfer, and supporting climate finance without increasing debt burdens on poor countries. Kuwait emphasized that the global economy is going through a delicate phase characterized by slow growth and rising debt burdens, which necessitates financial system reforms and strengthening the ability of developing countries to manage crises. Kuwait also highlighted the role of the Arab Fund for Economic and Social Development in implementing development projects in 107 countries and providing support during crises, with an emphasis on supporting the Palestinian economy and reconstruction efforts after the destruction of infrastructure in Gaza due to conflicts.
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