(MENAFN- Arab Times) Kuwait's current financial status is solid with the record surplus of the State Budget as affirmed by renowned international institutions and rating agencies, disclosed Kuwait Deputy Prime Minister and Minister of Finance Mustafa Jassim Al-Shamali on Monday during the opening of the fifth Euromoney Kuwait Conference at the JW Marriott Hotel in Kuwait.
The conference under the theme 'Financial Sustainability, Regulatory Capacity â€" the Challenge of Change' was also graced by Central Bank of Kuwait Governor Dr Mohammad Yousef Al-Hashel, senior Kuwaiti financiers, CEOs from the local banking sector and international investors.
Presenting Kuwait's Fiscal strategy, Al-Shamali in his speech pointed out that the state financial surplus will pave the way for the implementation of the economic reform plans of the country. He outlined the Ministry's efforts in achieving Kuwait's sustainable financial and economic stability which is also the Ministry's top priority. He cited Kuwait's financial policy focuses on boosting economic reforms, ensuring performance efficiency in public services, creating feasible investment opportunities for the private sector and increasing the role of the private sector in boosting economic activity in the country.
Al-Shamali also stressed on the need to improve the business environment in Kuwait, limiting restrictions and cutting the bureaucratic red tape to boost local and foreign investments which is in line with the directives of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah. He also called for transparency in public governance and the amendment of some financial polices that hamper the country's economic growth for the sake of the welfare of Kuwait's future generations.
After Al-Shamali's speech, Al-Hashel spoke on the 'Macro-Prudential Regulation â€" The Case of Kuwait," that was followed by opening of the exhibition of some companies adjacent to the venue of the conference by Al-Shamali and other chief guests.
Meanwhile, Director of Emerging Markets, Euromoney Conferences Richard Banks welcomed all the guests as he introduced the keynote speakers and provided an overview of the one-day conference that was led and moderated by the Euromoney editorial team and co-hosted by the Kuwait Ministry of Finance.
The conference aimed at providing an in-depth look at Kuwait's public finances and its macroeconomic position that will help define the economic agenda for the upcoming year.
The opening ceremony was followed by the interview session with Kuwait Finance House Chief Executive Officer Mohammed Al-Omar who was interviewed by Banks. Al-Omar outlined the vital role of the government in providing land for residential projects to meet the growing demand of the burgeoning population in the country. He also stressed on the need to diversify the oil-based economy of the country and encourage the active participation of the private sector in the nation's economic infrastructure.
On the other hand, Ahli United Bank Chairman and Managing Director and Chairman of Kuwait Banking Association Hamad Al-Marzouq during an interview with Banks pointed out some of the factors that have contributed to Kuwait's economic setbacks such as the government's lack of strategic long term vision to address the structural imbalance, lack of sound economic or financial legislations and corruption.
Meanwhile, Banks also interviewed Gulf Bank Chief Executive Officer and Chief General Manager Michel Accad and Burgan Bank Chairman and Vice Chairman of Kuwait Banking Association Majed Essa Al-Ajeel followed by the address of Lord Howell of Guilford, Member of the UK Advisory Committee to the Kuwait Investment Office and Ananthakhrishnan Prasad, Deputy Division Chief, Middle East and Central Asia Department, International Monetary Fund respectively.
The conference was marked by several panel discussions that addressed key areas including public finances, funding sources, the role of international business and Kuwait's position in the region, global investment and economic outlook as well as improving the economic environment in Kuwait.
Agencies added, Kuwait plans to spend 4.5-5.0 billion dinars ($15.8-17.5 billion) on development projects in the 2013/14 fiscal year which began this month, Finance Minister Mustapha al-Shamali said on Monday.
He also told reporters on the sidelines of a financial conference in Kuwait that the OPEC member's economy should grow by 4.5-5.0 percent this year.
That is more optimistic than a Reuters poll of analysts, which forecast in January Kuwait's real GDP growth of 3.0 percent this year after an estimated 5.1 percent in 2012.
Moreover, it is an opportunity for exchange of expertise and information among the participating elite experts.
The fifth Euromoney conference, themed "financial sustainability and organizational capacity," began with participation of leading financial foundations and elite economic and financial experts.
Conferees are scheduled to address, primarily, challenges facing Kuwait and promoting the country's financial status, in addition to holding annual revision of the national economy.
They will discuss status of financial markets, the national economic strategy, and issues related to "creation of financial sustainability." They will also analyze the state budget, financial resources, issuance of sukuks (Islamic bonds), external commerce, and Kuwait's regional financial and economic status.
The conference is run by a Euromoney magazine team and groups representatives of the Union of Kuwaiti Banks, the Gulf Bank, Ahli United bank, Boubyan Bank, and other regional and international institutions in the field. Â
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