Kuwait’s Ministry of Finance charts course for fiscal innovation and sustainable growth

The Ministry of Finance’s efforts to advance fiscal resilience, financial sector development and investor engagement under Kuwait Vision 2035 were the focus of a recent high-level meeting between Noora Al Fassam, Minister of Finance and Minister of State for Economic Affairs and Investment, and senior representatives from Oxford Business Group (OBG), including Andrew Jeffreys, the Group’s Chief Executive Officer, and Cristina Mirica, Country Director for Kuwait.

The meeting provided an opportunity to discuss the Ministry’s evolving mandate, with particular attention given to the implementation of the new Public Debt Law. The legislation establishes a KD 30 billion ceiling on sovereign borrowing across local and international markets, enhancing the capacity of the Central Bank of Kuwait and the Kuwait Investment Authority to manage debt sustainably.

Discussions also highlighted the Ministry’s progress in modernising Kuwait’s mortgage framework to stimulate private sector lending and expand access to housing finance. Broader reforms in public financial management and fiscal governance were addressed as part of the Ministry’s commitment to building a resilient and transparent economic environment.

The Minister also underlined the importance of clear communication with stakeholders as reforms progress.

“By implementing robust public debt legislation and modernising the mortgage regime, we are taking decisive steps to strengthen fiscal resilience and support sustainable growth,” she said. “It is essential that we convey these developments transparently to global investors and partners.”

Andrew Jeffreys, CEO of Oxford Business Group, welcomed the dialogue and the opportunity to support the Ministry’s objectives.

“Our discussion with Her Excellency and her team provided valuable insight into Kuwait’s fiscal reform agenda,” he said. “We look forward to exploring ways to help articulate the Ministry’s progress and vision to the international business community.”
 

The engagement forms part of OBG’s research for The Report: Kuwait 2025, which will include in-depth analysis of Kuwait’s economic trajectory, covering fiscal governance, debt management frameworks, financial sector innovation and public-private partnerships.