Kuwait joined the International Monetary Fund (IMF) on September 13, 1962 under the policy of Article IV.[1] Their quota contributes an estimated 1,933.5 millions and they have a voting power of 0.41%. The current Kuvaiti governor on the IMF's Board of Governors is Saad Hamad Al-Barrak.[2]

As of 2023, Kuwait has a GDP of 186.56 billion USD and is the 24th richest country in the world.[3] Kuwait is a fairly wealthy country that generates much of its wealth from exporting oil to other countries.[4][5]

Though the IMF has not had to provide any support for Kuwait, they still have advised Kuwait on some economic policies, such as getting rid of their unlimited deposit guarantee so that it does not cripple Kuwaits economy if any of its major banks were to fail.[6]

Though the IMF does not involve itself in projects, it does monitor monetary aspects of Kuwait. In late 2022, the IMF noted that Kuwait's economy is starting to recover from the COVID-19 pandemic due to high oil prices. The inflationary rate of Kuwait is also been closely monitored and under control.[7] IMF has advocated for the adoption of a law that would enable Kuwait to borrow money on the international markets,[8][9] as Kuwait does not not have the usual legal framework for these kinds of economic policy decisions, which sets it apart from most countries.[10]

References

  1. ↑ "List of Members' Date of Entry". www.imf.org. Retrieved 2023-07-29.
  2. ↑ "IMF Members' Quotas and Voting Power, and IMF Board of Governors". IMF. Retrieved 2023-07-29.
  3. ↑ "Economics in Kuwait compared to the EU". Worlddata.info. Retrieved 2023-07-29.
  4. ↑ "Kuwait: Staff Concluding Statement of the 2023 Article IV Mission". IMF. Retrieved 2023-07-29.
  5. ↑ "Kuwait and the IMF". IMF. Retrieved 2023-07-29.
  6. ↑ Nunn, Sharon (2022-07-18). "Kuwait: Unlimited Deposit Guarantee". Journal of Financial Crises. 4 (2): 412–426.
  7. ↑ "IMF Staff Concludes Staff Visit to Kuwait". IMF. Retrieved 2023-07-29.
  8. ↑ "Kuwait elects new parliament, tensions with cabinet may ease". Reuters. 7 June 2023. Retrieved 29 August 2023.
  9. ↑ "Kuwait's economic recovery faces 'substantial' risks - IMF". Reuters. 23 August 2023. Retrieved 29 August 2023.
  10. ↑ Domat, Chloe (18 July 2023). "Global Finance Magazine - Kuwait: Impetus To Change". Global Finance Magazine. Retrieved 29 August 2023.
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