Abdulwahab Al-Rushaid

Kuwait’s Ministry of Finance has worked hard to establish a clear and transparent legislative and governance process and constitutional safeguards that have resulted in one the safest and most robust financial services sector in the world.

The revenues from a rebounding oil market are expected to replenish the state’s short-term cash reserves. What does this positive outcome mean for the country’s fiscal situation?

Naturally, the rebounding oil price over the past 18 months helped shore up Kuwait’s revenue and cash reserves; however, short-term liquidity matters aside, there is no doubt that Kuwait has one of the strongest sovereign balance sheets in the world, with one of lowest sovereign debt to GDP levels globally, and a strong rebounding economy.

The Kuwait banking sector is celebrating its 80th anniversary, being one of the most stable and liquid of the markets worldwide. Which of the aspects of finance in the country contributed the most to this ongoing, sustainable success of the finance sector?

The Kuwaiti financial sector is one of the stable and robust financial sectors in the world and a safe harbor in a turbulent region. Our financial services sector benefits from the country’s clear and transparent legislative and governance process, prudent policy making by the Central Bank, and constitutional safeguards that have differentiated Kuwait’s financial sector and earned it the stellar reputation it enjoys globally.

Infrastructure spending is a catalyst to economic growth. How has Kuwait approached infrastructure?

Kuwait has consistently allocated between 12% and 18% of its budget to infrastructure and capital expenditure over the last 10 years, reflecting a clear commitment by both executive and parliamentary policy makers to Kuwait’s infrastructure evolution plan and to maintaining healthy economic growth. Though we see infrastructure spending as a catalyst for economic growth, we believe it is only one of the catalysts. In parallel to our commitment to continue our infrastructure modernization drive, we are also focused on creating a constructive environment that is conducive to effective policymaking, and ultimately enable the private sector to lead the economy in the years to come.