Kuwait Finance Minister quits after three months in the post

The Finance Minister of Kuwait, one of the world’s biggest oil producers, has resigned only three months after his appointment by the Prime Minister, the official KUNA news agency said on Wednesday.

According to the report, Manaf Al-Hajeri’s resignation comes against a backdrop of perpetual political turmoil in the only Gulf Arab state with a fully elected Parliament.

The report did not specify a reason for the resignation, and Al-Hajeri was not immediately available to comment.

“A decree was issued in Kuwait accepting the resignation of Minister of Finance,” the news agency said.

He will be replaced by Saad Al-Barrak, who was named both Oil Minister and State Minister for Economic and Investment Affairs last month, KUNA said.

Al-Hajeri was appointed as Finance Minister and State Minister for Economic and Investment Affairs in April following a cabinet reshuffle, but he lost the latter post in the line-up announced in June.

According to local media reports, Al-Hajeri’s resignation stems from his objection to the transfer of the Kuwait Investment Authority to Al-Barrak after he took over as State Minister for Economic and Investment Affairs.

Despite its oil wealth, Kuwait’s decades of political instability, including seven general election cycles in just over a decade, have spooked investors and stymied economic reforms.

READ: Kuwait draft budget estimates $22.2bn deficit