## IMF Staff Concludes Virtual Visit to Kuwait

_IMF News, April 15, 2021_

## Source details

**Canonical URL:** [IMF Staff Concludes Virtual Visit to Kuwait](https://www.imf.org/en/news/articles/2021/04/14/pr21109-kuwait-imf-staff-concludes-virtual-visit-to-kuwait)

## Other formats

- [Markdown version](/en/news/articles/2021/04/14/pr21109-kuwait-imf-staff-concludes-virtual-visit-to-kuwait/index.md)
- [Structured JSON version](/en/news/articles/2021/04/14/pr21109-kuwait-imf-staff-concludes-virtual-visit-to-kuwait/index.json)
- [Bundle manifest](/en/news/articles/2021/04/14/pr21109-kuwait-imf-staff-concludes-virtual-visit-to-kuwait/bundle-manifest.json)

## Bibliographic details
- Published: April 15, 2021

---

### Mission summary
- Press Release No. 21/109
- Washington, DC: A staff team from the International Monetary Fund (IMF), led by Mr. Daniel Kanda, held virtual discussions with the Kuwaiti authorities from April 4–8, 2021.
- End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.
- IMF Communications Department — MEDIA RELATIONS — PRESS OFFICER: Wafa Amr; Phone: +1 202 623-7100; Email: MEDIA@IMF.org; @IMFSpokesperson

### Economic impact and outlook
- “As in other GCC countries, the COVID-19 pandemic, together with oil price shock and cuts to oil production under the OPEC+ agreement, weighed heavily on economic activity and fiscal balances in 2020.”
- Growth in 2020 is estimated at ‑8 percent with a contraction of non-oil growth of -6 percent.
- “The overall fiscal balance significantly deteriorated compared to the previous year.”
- “Going forward, a gradual recovery is expected in 2021, supported by the rebound of domestic and external demand as vaccinations proceed.”
- “However, considerable uncertainty surrounds the outlook, including from the persistence of the pandemic and related global and domestic containment measures.”

### Banking sector and financial stability
- “The banking sector remains well-capitalized and liquid, benefiting from the skillful regulatory oversight by the Central Bank of Kuwait and the strong buffers before entering the crisis.”
- “We commend the central bank’s sustained proactive monitoring of credit risks and efforts to strengthen the regulatory and supervisory frameworks aimed at bolstering financial stability.”
- “The banking sector remains resilient, well-capitalized, and liquid notwithstanding the shocks in 2020.”

### Policy recommendations and priorities
- “Combating the pandemic and mitigating its effects should remain a priority until the recovery is firmly underway.”
- “Combating the pandemic and mitigating its effects, particularly those on the most vulnerable, should remain a priority until the recovery is firmly underway.”
- “As the recovery firms up, strong fiscal consolidation and structural reforms would be needed to preserve fiscal buffers and strengthen growth.”
- “Strong fiscal consolidation would be needed over the medium term to preserve buffers and strengthen fiscal sustainability.” (statement in summary)

### Closing remarks
- “The Kuwaiti authorities acted quickly and decisively to address the health and economic effects of the COVID-19 pandemic, although the challenges posed by the pandemic remain significant.”
- “The IMF team would like to express its appreciation to the Kuwaiti authorities for the open and productive discussions.”

*IMF Staff Concludes Virtual Visit to Kuwait — Press Release No. 21/109*

---


## References

- [Kingdom of Bahrain and the IMF](http://www.imf.org/external/country/BHR/index.htm)
- [Kuwait and the IMF](http://www.imf.org/external/country/KWT/index.htm)
- [Oman and the IMF](http://www.imf.org/external/country/OMN/index.htm)
- [Qatar and the IMF](http://www.imf.org/external/country/QAT/index.htm)
- [Saudi Arabia and the IMF](http://www.imf.org/external/country/SAU/index.htm)
- [United Arab Emirates and the IMF](http://www.imf.org/external/country/ARE/index.htm)
- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2021/04/14/pr21109-kuwait-imf-staff-concludes-virtual-visit-to-kuwait_