Kuwait and the International Monetary Fund

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]