Kuwait Calls for Reforms to International Financial Architecture at UN Assembly

By the Editorial Team · Sunday, October 11, 2026

Kuwait called for major reforms to the international financial system to better assist developing countries, stressing increased UN representation, expanded concessional financing, and climate funding during the UN General Assembly’s Economic and Financial Committee meeting. The Kuwaiti diplomat also highlighted regional security threats, the devastation in Gaza’s economy, and the urgent need for international cooperation to address these intertwined economic and humanitarian challenges.

Kuwait has urged comprehensive reforms to the international financial system to better support developing countries, emphasizing the need for enhanced representation at the United Nations, expanded concessional financing, increased climate funding, and measures to ease debt burdens. The calls were made by Kuwait’s Diplomatic Attache Dalal Sharar during her address to the UN General Assembly’s Economic and Financial Committee on Thursday.

Sharar highlighted several challenges facing the global economy, including slowing growth, rising debt levels, and a decline in external financing. She stressed the urgency of reforms to enable developing nations to meet the United Nations’ Sustainable Development Goals (SDGs), which aim to address poverty, inequality, and environmental sustainability.

In her remarks, Sharar also condemned Iran’s actions involving the closure of the Strait of Hormuz and disruptions to maritime navigation in the Bab Al-Mandab Strait conducted by its regional proxies. She warned these developments pose significant risks to global energy supplies, supply chains, and food prices. Sharar called for the protection of maritime navigation in accordance with international law to ensure stability and security in these strategic waterways.

The Kuwaiti diplomat further underscored her country’s ongoing commitment to development assistance through the Kuwait Fund for Arab Economic Development, which has financed over 1,000 projects in 107 countries since its establishment in 1961. She also noted the establishment of the Kuwait Emergency Response Fund in July of this year, aimed at providing swift support in crisis situations.

Turning to the situation in Palestine, Sharar drew attention to the severe economic impact of recent conflicts in Gaza. She stated that 92 percent of economic establishments in the territory have been damaged or destroyed, with unemployment rates exceeding 90 percent. According to her, the estimated financial requirements for recovery and reconstruction in Gaza total approximately USD 71.5 billion.

The address reflected Kuwait’s broader concerns regarding global economic challenges, regional security tensions, and the humanitarian crisis in Gaza, emphasizing the need for coordinated international efforts to address these pressing issues.

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