Kuwait has appointed Fahd Abdulaziz Al-Jarallah as its new finance minister, according to the state news agency, following the resignation of his predecessor Manaf Abdulaziz Al Hajri in July.
Al-Jarallah, a businessman who has served on the boards of the Commercial Bank of Kuwait and Noor Financial Investment Company, takes over the role at a time of economic difficulty for the Gulf state.
Despite holding one of the world's largest oil reserves and strong fiscal and external finances, Kuwait has struggled to implement key reforms needed to reduce its heavy reliance on oil due to political disputes and gridlock.
A public debt law that would allow Kuwait to borrow from international markets has faced opposition from parliament members and delays.
Growth is expected to dramatically slow this year with lower oil prices and production cuts. The recently approved 2023/24 budget sees a $22 billion deficit.
The IMF warned last month that risks remain high partly due to the lack of fiscal reforms. GDP growth is forecast to drop to just 0.1% this year after 8.2% growth in 2022.
