Ministry of Finance (Kuwait)

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Ministry of Finance
Ministerial Department overview
Formed1962;62 years ago (1962)
Preceding Ministerial Department
  • Finance Department
Jurisdiction Government of Kuwait
Headquarters Kuwait City
Minister responsible
Child Ministerial Department
Website Ministry of Finance

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. As of January 2024 the minister is Anwar Ali Al Mudhaf.

Contents

History and profile

On 2 July 1938, the Financial Department was established in Kuwait. [1] [2] 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. [3] [4] In 1963 it was reshaped and named as ministry of finance and industry. [3] Then the body was renamed as the ministry of finance and oil in 1965 [3] and dealt with finance- and oil-related policies until April 1975 when the ministry of oil was established. [5] At the same time the ministry was reorganized under the current name, the ministry of finance in 1975. [3] The ministry extensively dealt with land purchases and comprehensive infrastructure projects. [6]

In 1982 Public Investment Authority was established and attached to the ministry. [3] The Kuwait Investment Authority was founded in 1985 and has been under the control of the ministry and has been headed by the finance minister. [7] 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. [8]

The ministry which had been dominated by the Bani Jabir branch of the ruling family of Kuwait played a significant role during the invasion of Kuwait 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. [7] During this period the ministry was located at the London headquarters of the Kuwait Investment Office. [7]

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. [2] [1]

Ministers

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References

  1. 1 2 3 "وزارة المالية - دولة الكويت". www.mof.gov.kw (in Arabic). Retrieved 8 December 2022.
  2. 1 2 "وزارة المالية في الكويت" (in Arabic). 15 February 2017. Retrieved 8 December 2022.
  3. 1 2 3 4 5 "Historical Development". Ministry of Finance. Archived from the original on 24 December 2013. Retrieved 21 December 2013.
  4. ↑ H. V. F. Winstone; Zahra Freeth (1972). Kuwait: Prospect and Reality. London: Allen & Unwin. ISBN   9780049530072.
  5. ↑ "Brief History". Ministry of Oil. Retrieved 21 December 2013.
  6. ↑ Pete W. Moore (Spring 2002). "Rentier Fiscal Crisis and Regime Stability: Business-State Relations in the Gulf". Studies in Comparative International Development. 37 (1): 34–56. doi:10.1007/BF02686337. S2CID   1905014.
  7. 1 2 3 4 5 "The Finance Ministry, KIA & KIO". APS Review Gas Market Trends. 3 June 1991. Archived from the original on 10 June 2014. Retrieved 21 December 2013.
  8. ↑ Nabeel Al Loughani; David Chappell (2001). "Modelling the day-of-the-week effect in the Kuwait Stock Exchange: a nonlinear GARCH representation". Applied Financial Economics. 11 (4): 353–359. doi:10.1080/096031001300313910. S2CID   155028752.
  9. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 "وزارة المالية - دولة الكويت". www.mof.gov.kw.
  10. ↑ Mahmoud Harby (24 May 2012). "Kuwait finance minister quits after opposition push". Reuters . Retrieved 10 September 2014.
  11. ↑ "Kuwait's new cabinet". Global Post. AFP. 4 August 2013. Archived from the original on 4 August 2013. Retrieved 21 December 2013.
  12. ↑ "Kuwait cabinet reshuffle brings seven new faces". Asharq Al Awsat. London. 7 January 2014. Retrieved 10 September 2014.
  13. ↑ "Kuwait Government Online Council of Ministers". www.e.gov.kw.
  14. ↑ "Kuwait's emir appoints new oil and finance". Al Jazeera. 14 December 2020. Archived from the original on 26 January 2021.
  15. ↑ "Kuwait announces formation of new gov't". KUNA. 28 December 2021. Retrieved 6 January 2022.
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