Al-Hajri: Kuwait … active player at international arenas
Kuwait’s Minister of Finance Manaf Al-Hajri stressed Friday the importance of Kuwait’s participation in the “Summit for a New Global Financing Pact, as it is an active player at international arenas.
Representing His Highness the Amir Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, Al-Hajri made the statement to KUNA during his participation in the summit held in Paris.
He said that Kuwait also has played a key role at international funding institutions for either investment or development.
Kuwait is keen on partaking in such summits from which countries can share their expertise and learn from each other, he said.
Al-Hajri said global challenges have become more difficult, referring to a need to consider the new global system to verify the effectiveness of achieving sustainable development goals adopted by the UN in 2015.
He pointed to the Bretton Woods Agreement whose features have been formed after World War II, with the aim of finding kind of stability in monetary policies and exchange rate among countries.
Al-Hajri indicated that the new world system was formed before the emergence of a large number of developing countries and their independence. Therefore, the historical formulation was different from the one “we are experiencing today” owing to the different main challenges, he elaborated.
He went to say that after all these years, global peace has been greatly achieved, but there are still increasing development challenges, in addition to climate challenges.
Thus, there is a need to consider a new world system, which has different features and broader goals than it was in the past, he stated.
Al-Hajri stressed the importance of growing financing needs to better confront the arming of fragile states in order to curb poverty, combat climate change and preserve biodiversity. Representing His Highness the Amir, Al-Hajri is leading Kuwait’s delegation, including Kuwait Ambassador to France Mohammad Al-Jedai, to the summit, which features about 50 world leaders, prime ministers and heads of international organizations and NGOs as well as companies and private sector investors.
Source: Kuwait News Agency