Kuwait Names New Finance Minister in Latest Cabinet Line-Up
(Bloomberg) -- Kuwait named the prime minister’s fourth government in eight months, as the oil-rich OPEC member faces little let-up from political uncertainty and economic malaise.
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Premier Sheikh Ahmad Nawaf Al-Sabah, the eldest son of Kuwait’s ailing ruler, heads the new line-up that includes Manaf Al-Hajeri as the country’s fifth finance minister since 2020.
A former head of the Kuwait Financial Centre, Al-Hajeri replaces Abdulwahab Al-Rasheed, who served for less than 18 months. Oil Minister Bader Al-Mulla retained his post in the new government, which includes two women and six new appointees.
A Kuwaiti court in March annulled the results of last year’s parliamentary elections and reinstated the National Assembly from 2020 — the latest drama in years of friction between lawmakers and cabinets installed by the ruling Al-Sabah family.
The new government formation “is worrisome when it comes to internal ruling family politics,” said Kuwait University professor Bader Al-Saif. “No reconciliation among the family means more trouble to come.”
The rapid turn-over has given successive ministers little opportunity to push through reform, with the cycle of disruption delaying economic diversification and deterring foreign investment. It has also fueled Kuwaiti sentiment that their country is lacking direction and failing to progress. Last month’s ruling has made the future even more unpredictable, plunging the political scene into further conflict.
“Kuwait’s malaise needs more than a good person here and there, total revamp needed,” Al-Saif said. “That requires a system reset, transformative leadership, and bold change.”
The former government resigned in January, less than four months after being appointed, as it tried to out-maneuver lawmakers pushing bills that would have stretched state finances, including a proposal for the government to buy billions of dinars worth of citizens’ consumer loans.
Crown Prince Sheikh Meshal Al-Ahmad Al-Sabah warned last year that if the country was dragged deeper into political impasse, Kuwaitis would “face measures with serious consequences.” The measures were never specified.
(Updates with fresh analyst comment)
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