| Ministerial Department overview | |
|---|---|
| Formed | 1962; 63 years ago (1962) |
| Preceding Ministerial Department |
|
| Jurisdiction | Government of Kuwait |
| Headquarters | Kuwait City |
| Minister responsible | |
| Child Ministerial Department | |
| Website | Ministry of Finance |
Ministry of Finance is one of thegovernmental bodies of Kuwait and part of thecabinet. It is concerned with the executive general administration of public financial affairs in theState of Kuwait. As of August 2025 the Acting minister is Dr.Sabeeh Al-Mukhaizeem.[1]
On 2 July 1938, the Financial Department was established in Kuwait.[2][3] 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.[4][5] In 1963 it was reshaped and named as ministry of finance and industry.[4] Then the body was renamed as the ministry of finance and oil in 1965[4] and dealt with finance- and oil-related policies until April 1975 when the ministry of oil was established.[6] At the same time the ministry was reorganized under the current name, the ministry of finance in 1975.[4] The ministry extensively dealt with land purchases and comprehensive infrastructure projects.[7]
In 1982 Public Investment Authority was established and attached to the ministry.[4] TheKuwait Investment Authority was founded in 1985 and has been under the control of the ministry and has been headed by the finance minister.[8] The ministry also regulates Kuwaiti stock market along with theKuwait Stock Exchange, the Ministry of Commerce and Industry and theCentral Bank of Kuwait.[9]
The ministry which had been dominated by the Bani Jabir branch of theruling family of Kuwait played a significant role during theinvasion 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.[8] During this period the ministry was located at theLondon headquarters of theKuwait Investment Office.[8]
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.[3][2]
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| National | |
| Other | |
