It is concerned with the executive general administration of public financial affairs in the State of Kuwait.
[1][2] It dealt with the financial policies of the country until 1962 when the department was reorganized under the name of the ministry of finance and economy.
[3] The Kuwait Investment Authority was founded in 1985 and has been under the control of the ministry and has been headed by the finance minister.
[8] The ministry which had been dominated by the Bani Jabir branch of the ruling family of Kuwait played a significant role during the invasion of Kuwait by Iraqi forces in 1990 in that it paid billions of dollars to allied countries in the form of aid or in contributions to the war effort.
In addition to preparing draft public budgets, preparing the final accounts of the state, setting rules for their implementation, following up on them, and supervising state revenues from taxes, financial stamps and expenditures, in a specialization issued by a decision of the Ministry of Finance.