BRIEF OF MINISTRY OF FINANCE
It is one of the components of the administrative body of the state, commissioned with the general executive
administration of the public finance affairs in the State of Kuwait. It assumes supervision on the public
treasury, state domains (public and private), fields of international economic cooperation, monetary investment
and compensatory transaction projects. It also provides basic services of public hospitality, state employees
housing, integrated financial systems services, storage and public procurement systems and other automated
development systems for all financial sectors of the state instrumentalities. In addition, it prepares the
draft public budgets and the closing statements of the state and works out the relevant execution and
control rules and supervision on the state revenues including tax, fiscal stamps and expenses as per the
decree issued in respect of Ministry of Finance in 1986 and the decree laws no. 31/1978 and no. 105/1980
HISTORICAL DEVELOPMENT
The public finance administration body of the State of Kuwait has undergone several stages of structural
and organizational development starting with the Legislative Council supervision on the regulation of the
public budget and public expenditure in accordance with the law of basic powers dated 2/7/1938 for realization
of the common interest. The council in turn created:
DEPARTMENT OF FINANCE
to administer the public revenues and regulate their spending.
Under the Amiri decree 6 of 1960, the title changed in order to
accord with the natural development of specialties.
DEPARTMENT OF FINANCE AND ECONOMY
The powers of this department included all financial and economic matters in general. In 1962, law no. 1 was promulgated
for the governance bylaws for the transitional period, changing the organization of government departments for the first time in the
administration body of the State of Kuwait into an organization of ministries chaired by the prime minister
MINISTRY OF FINANCE AND ECONOMY
In 1962, Amiri decree no. 2/1962 was issued for re-organization of ministries including the Ministry of
Finance and Economy based on its title as ministry as per law no. 1/1962 for the governance bylaws during
the transitional period to assume all financial and economic powers as well as works assumed by the Ministry
of Housing except for the allocation of low-income houses
MINISTRY OF FINANCE AND INDUSTRY
In 1963 i.e. on 28/1/1963 an Amiri decree was issued to name it "Ministry of Finance and Industry" and to
attach to it the Ministry of Customs and Ports.
MINISTRY OF FINANCE AND OIL
In 1965, the Ministry of Finance and Industry was changed to the Ministry of Finance and Oil. The industrial affairs department
of the Ministry of Finance was attached to the Ministry of Commerce as per the decree dated 5/12/1965.
MINISTRY OF FINANCE
in 1975
By virtue the decree for formation of the cabinet dated 9/2/1975, it was named as the Ministry of Finance
and a separate Ministry of Oil was established. The decree dated 26/5/1975 provides that the following
departments would be attached to the Ministry of Finance:
- State domain and services department
- Public accounting department
- Public budget department
- Retirement department
- Investment department
- General Department of Shuaiba Industrial Area,
formerly public authority in 1965 and converted into
general department on 16/3/1971.It is noted that the
General Department of Shuaiba Area was attached to the
Ministry of Commerce & Industry under Amiri Decree dated 17/07/1977.
In 1979 :
An Amiri Decree was issued on 07/01/1979 for determination of the powers
of the Ministry of Finance including the assumption of public treasury
affairs, public customs affairs and supervision on international relations
in the field of economic, investment and monetary cooperation as well as
the provision of the state employee housing services and management of the
state domestic and overseas investments.
In 1982:
An independent public authority called Public Investment Authority was
established and attached to the Ministry of Finance under law no. 47/1982
Ministry of Finance and Economy
In 1985, the title “Ministry of Finance” was replaced by the "Ministry of Finance and Economy" under
the decree dated 17/03/1985. The new ministry was also assigned with trade and economic activities
and provision of the state requirements of commodities and materials. Ministry of Finance
In 1986,
the title was changed to Ministry of Finance as per the decree of formation of the cabinet dated 17/02/1986.
Then, the decree dated 12/08/1986 regarding the Ministry of Finance was issued to revoke the decree
dated 11/03/1985 regarding the Ministry of Finance and Economy adding commercial activities to its powers.
Then, the decree stated the provisions specifying the Ministry’s current powers without any change until now.