Ministry of Finance (Kuwait)

Ministry of Finance is one of the governmental bodies of Kuwait and part of the cabinet.

Ministry of Finance
Ministerial Department overview
Formed1962 (1962)
Preceding Ministerial Department
  • Finance Department
JurisdictionKuwait
HeadquartersKuwait City
Minister responsible
  • Barak Ali Barak Al-Sheetan, Minister
Child Ministerial Department
WebsiteMinistry of Finance

History and profile

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

In 1982 Public Investment Authority was established and attached to the ministry.[1] 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.[5] 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.[6]

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.[5] During this period the ministry was located at the London headquarters of the Kuwait Investment Office.[5]

Ministers

References
  1. "Historical Development". Ministry of Finance. Archived from the original on 24 December 2013. Retrieved 21 December 2013.
  2. H. V. F. Winstone; Zahra Freeth (1972). Kuwait: Prospect and Reality. London: Allen & Unwin. – via Questia (subscription required)
  3. "Brief History". Ministry of Oil. Retrieved 21 December 2013.
  4. Pete W. Moore (Spring 2002). "Rentier Fiscal Crisis and Regime Stability: Business-State Relations in the Gulf" (PDF). Studies in Comparative International Development. 37 (1). Archived from the original (PDF) on 31 December 2013.
  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. – via HighBeam (subscription required)
  6. 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.
  7. "وزارة المالية - دولة الكويت". www.mof.gov.kw.
  8. Mahmoud Harby (24 May 2012). "Kuwait finance minister quits after opposition push". Reuters. Retrieved 10 September 2014.
  9. "Kuwait's new cabinet". Global Post. AFP. 4 August 2013. Archived from the original on 4 August 2013. Retrieved 21 December 2013.
  10. "Kuwait cabinet reshuffle brings seven new faces". Asharq Al Awsat. London. 7 January 2014. Retrieved 10 September 2014.
  11. "Kuwait Government Online Council of Ministers". www.e.gov.kw.
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