Ministry of Finance is one of the
governmental bodies of Kuwait and part of the
cabinet. It is concerned with the executive general administration of public financial affairs in the
State of Kuwait. The current minister is
Abdulwahab Al-Rushaid.
History and profile
On 2 July 1938, the Financial Department was established in Kuwait.
It dealt with the financial policies of the country until 1962 when the department was reorganized under the name of the ministry of finance and economy.
In 1963 it was reshaped and named as ministry of finance and industry.
[ Then the body was renamed as the ministry of finance and oil in 1965][ and dealt with finance- and oil-related policies until April 1975 when the ministry of oil was established. At the same time the ministry was reorganized under the current name, the ministry of finance in 1975.][ The ministry extensively dealt with land purchases and comprehensive infrastructure projects.
In 1982 Public Investment Authority was established and attached to the ministry.][ The ]Kuwait Investment Authority
The Kuwait Investment Authority (KIA) is Kuwait's sovereign wealth fund, managing the state’s reserve and the state’s future generation fund (FGF).
Founded in 1953, the KIA is the world's oldest sovereign wealth fund. As of April 2022, it ...
was founded in 1985 and has been under the control of the ministry and has been headed by the finance minister.[ The ministry also regulates Kuwaiti stock market along with the Kuwait Stock Exchange, the Ministry of Commerce and Industry and the Central Bank of Kuwait.]invasion of Kuwait
The Iraqi invasion of Kuwait was an operation conducted by Iraq on 2 August 1990, whereby it invaded the neighboring State of Kuwait, consequently resulting in a seven-month-long Iraqi military occupation of the country. The invasion and Ira ...
by Iraqi forces in 1990 in that it paid billions of dollars to allied countries in the form of aid or in contributions to the war effort.London
London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...
headquarters of the Kuwait Investment Office.[
]
Ministry tasks
The Ministry of Finance supervises the public treasury, state property (public and private), areas of international economic cooperation, monetary investment, and projects for compensatory deals. It also provides services for public hospitality, housing for state employees, integrated financial systems services, warehousing and public procurement systems and other developmental automated systems for all financial sectors in state agencies. In addition to preparing draft public budgets, preparing the final accounts of the state, setting rules for their implementation, following up on them, and supervising state revenues from taxes, financial stamps and expenditures, in a specialization issued by a decision of the Ministry of Finance. of 1986 and Decree-Law No. 31 of 1978 and No. 105 of 1980.
Ministers
* Mashaan Khudhair Al-Mashaan, 1938 - 1939Salem Abdulaziz Al Sabah
Salem Abdulaziz Al Sabah (born 1 November 1951) is a Kuwaiti economist and politician who served as deputy prime minister and minister of finance from 4 August 2013 to January 2014. He is a member of the Kuwaiti ruling family, Al Sabah.
Educatio ...
, August 2013 - January 2014
* Anas Khalid Al Saleh, January 2014 - December 2017
* Nayef Falah Al-Hajraf, December 2017 - December 2019
References
{{DEFAULTSORT:Ministry of Finance
1962 establishments in Kuwait
Economy of Kuwait
Kuwait
Kuwait (; ar, الكويت ', or ), officially the State of Kuwait ( ar, دولة الكويت '), is a country in Western Asia. It is situated in the northern edge of Eastern Arabia at the tip of the Persian Gulf, bordering Iraq to the nort ...
Finance
Finance