Government planning to dismantle Finance Ministry

The government intends to dismantle the Ministry of Finance, whether at the level of subsidiaries or the budget, to allow the separation of investment sectors from others, such as control and budgets.

Informed sources told Al-Rai that “this comes within the framework of government efforts to take investment and economic decisions away from traditional institutions, since similar steps have been taken by other countries such as Saudi Arabia, which has established an office to take over the task of preparing the state budget, instead of the Ministry of Finance.”

The sources pointed out that “the investment sector will be separated into an independent ministry to include under its umbrella the investment agencies to manage state funds, foremost of which are the Public Institution for Social Security, the Kuwait Investment Authority, the Kuwait Direct Investment Promotion Authority, the Partnership Projects Authority, the Technical Apparatus for Privatization, the Central Bank of Kuwait and others.”

The sources pointed out that “Member of the Board of Directors of the Kuwait Investment Authority, Fahd Al-Rashed, is the closest person to take over the portfolio of this ministry.”

The sources indicated that “the second ministry will include the traditional departments and sectors, such as the budget preparation sector, tax and expropriation, the Public Authority for Compensation Estimation and the General Secretariat for Planning.”