Kuwait has called for fair financial reform to create a more equitable and transparent global financial system. Speaking at the United Nations in New York, Kuwaiti diplomat Rashid Farhan urged countries to prioritize the needs of developing and least-developed nations.
Farhan addressed the UN General Assembly’s Second Committee, which focuses on economic and financial issues. He said global reforms are essential to reduce inequality and ensure all nations can access growth opportunities. The diplomat emphasized that fairness and transparency must guide future financial policies.
He also noted that developing nations face growing debt burdens and reduced access to international financing. These challenges, he said, are threatening progress toward the Sustainable Development Goals. According to Farhan, the external debt of developing countries has reached $11.7 trillion, limiting investment in education, health, and infrastructure.
Therefore, to address these challenges, Farhan urged the international community to expand investments in infrastructure, technology, renewable energy, and agriculture. He said these sectors are critical for sustainable development and economic resilience. Kuwait, he added, is pursuing similar goals under its New Kuwait 2035 vision.
Moreover, Farhan highlighted Kuwait’s efforts to diversify its economy and strengthen its role as a regional financial hub. He noted that the Kuwait Fund for Arab Economic Development has supported projects in over 100 countries since 1961. Also,he stressed that true development relies on partnerships built on equality rather than aid dependency.
He also praised Kuwait’s Public Investment Authority for its contribution to market stability and global growth. The sovereign wealth fund, one of the oldest in the world, plays a key role in promoting responsible investment and long-term sustainability.
Kuwait backed the Sevilla Commitment, a plan aimed at reforming international financial institutions and amplifying the voices of indebted nations. Farhan said these reforms are vital to achieving fair financial reform and restoring global confidence.
Turning to the crisis in Gaza, Farhan condemned recent violence and called for urgent support to rebuild the Palestinian economy. He said the destruction of infrastructure has pushed Gaza’s economy to near collapse.
Farhan concluded by reaffirming Kuwait’s belief that financing sustainable development is a shared global duty. He urged nations to act collectively to achieve fair financial reform, ensuring no country is left behind on the path to a sustainable future.
