Businesses shocked as Kuwait’s finance minister quits

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Disagreement over some ‘decisions’

KUWAIT CITY, July 11: The Finance Minister Manaf Al-Hajri has resigned as Minister of Finance less than a month after the formation of the government, reports Al- Qabas daily. The daily added, he has submitted his resignation to His Highness the Prime Minister Sheikh Ahmed Nawaf Al-Ahmad Al-Sabah, allegedly following disagreements within the government over ‘floundering’ decisions that have been taken that affected the country’s economic and financial sides. Reliable sources, told the daily, of particular interest were the differences over the transfer of the affiliation of the Kuwait Investment Authority to the Minister of Economic and Investment Affairs, stressing at the same time that “the separation between the Ministry of Finance and the Ministry of Economic and Investment Affairs caused a state of confusion and lack of clarity among a number of affiliated authorities, which prompted it to address the concerned authorities to clarify its affiliation with any ministry”.

The resignation of Al-Hajri, who is known for his competence, high professionalism, and his ability to deal with thorny financial files and his expertise in economic affairs, shocked the economic and financial circles in the country, after he was blessed to assume the Ministry of Finance portfolio which carried the task of implementing radical economic and financial reforms to form a bridge towards sustainable budget that enhances the strength of the state’s public finances and preserves prosperity for future generations. The Council of Ministers had decided to maintain the affiliation of the Kuwait Investment Authority with the Deputy Prime Minister, Minister of Oil and Minister of State for Economic Affairs and Investment Sa’ad Al-Barrak, and not to return it to the Minister of Finance.

This news has been read 18551 times!