Fahd al-Jarallah appointed as Kuwait’s finance minister: State news agency

Kuwait on Sunday appointed Fahd Abdulaziz al-Jarallah as finance minister, the state news agency said, following the resignation of his predecessor in July.

Jarallah, 38, the sixth person to hold the post in three years, takes over from Manaf Abdulaziz al-Hajri who was in the role only since April this year. Oil Minister Saad al- Barrak had been acting finance minister after he resigned.

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Jarallah, who was a finance ministry official, has worked as a consultant for the ministers of finance and commerce. He has also served on the boards of Commercial Bank of Kuwait, Boursa Kuwait, and various local companies.

Kuwait has among the world’s largest oil reserves and strong fiscal and external balance sheets, but political bickering and institutional gridlock have hampered investment and reforms aimed at reducing its heavy reliance on oil revenues.

Among key reforms which have faced delays is a public debt law which would allow Kuwait to borrow from international markets, but which has faced opposition from members of parliament.

The government requires parliamentary approval for proposed reforms.

Growth in Kuwait is expected to significantly slow this year on the back of lower oil prices and cuts to oil production, and its budget for fiscal year 2023/24, approved last month, foresees a budget deficit of $22 billion.

Last month the International Monetary Fund (IMF) said risks to its outlook remained substantial in part due to the absence of necessary fiscal reforms, and GDP growth is seen slowing to just 0.1 percent this year after 8.2 percent growth in 2022.

With Bloomberg

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