KUWAIT CITY, Oct 21: In a reflection to its unwavering commitment to advancing international collaboration and knowledge exchange in finance and economics, National Bank of Kuwait (NBK) is participating in the Annual Meetings held by the International Monetary Fund (IMF) and the Board of Governors of the World Bank(WBG). These high-level discussions are held in Washington, D.C. starting from yesterday until October 26th.

NBK’s delegation is headed by Mr. Isam Al-Sager, Vice Chairman and Group CEO, alongside Mr. Omar Bouhadiba, CEO of International Banking Group, and Mr. Nassif Chehab, Head of Financial InstitutionsDivision, as well as Mr. Rani Selwanes, General Manager of NBK- New York.

The delegation will take part in the Annual Meetings, focusing on discussions regarding significant economic and financial challenges. Key topics on the agenda include exploringhow do governance reforms promote economic growth and social inclusion.

On the sidelines of the meetings, NBK delegation will attend the Group of Thirty’sseminar, an exclusive annual gathering of central bank governors, senior official and executives of the financial sector, as well asacademics. The seminar provides a platform to addressthe most pressing financial and systemic challengesfacing the global central banking community. Additionally, the delegation willparticipate inthe Institute of International Finance (IIF)Annual Membership Meeting.

The delegation will alsotake part in a joint reception ceremony hosted by Kuwait Banking Association (KBA) for senior international banking leaders on the sidelines of the meetings. This event will be attended by Kuwaiti banking leaders, heads of international banks, as well as officials from European and Arab central banks, along with a large number of international public figures and decision makers. Additionally, the delegation will attenda reception hosted by the Ambassador of the State of Kuwait to the United States of America.

This year's annual meetings will discuss several important topics, including public debt, fiscal sustainability, and economic growth, by assessing financial risks and analyzing growth indicators in member countries and ways to promote sustainable development. Furthermore, the meetings tackled international trade issues with the continued disruption of shipping traffic in the Red Sea and the impact of geopolitical tensions on the global economic landscape.

Discussions will also address the issue of climate change, how climate change affects the economy and fiscal policies, and means of cooperation between countries to face this existential challenge. Key topics on the agenda also include digitization and innovation, as well as the impact of modern technologies and artificial intelligence on financial markets and the global economy.

NBK’s delegation will hold bilateral meetings with senior international officials on the sidelines of the Annual Meetings of the IMF and the World Bank. Those discussions will focus on some of the key and pressing issues and current challenges that the banking and financial industry has been facing around the world.

The IMF and the World Bank Group Annual Meetings bring together central bankers, ministers of finance and development, parliamentarians, private sector executives, civil society, and academics to discuss issues of global concern.

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, etc. The IMFC meeting, in particular, is slated to tackle a range of critical issues including the current state and potential future trends in the global economy's performance, as well as examining developments in international financial markets, and other pressing issues.