PricewaterhouseCoopers (PwC), the leading global professional services organisation, met on Sunday the Kuwait Minister of Finance, HE Mustafa Al-Shamali, to discuss the role of the public sector finance function within the State. The meeting is part of a regional tour whereby senior executives from PwC are collating opinion from the top echelons of Governments to generate a special Middle East supplement to PwC’s UK report ‘Finance at the Crossroads’. This report will provide invaluable insight into the future role of the finance function in growing local and regional economies.
Kuwait plays an important role in the wider Middle East region, especially given its Development Work Programme, and PwC has been working closely with the Kuwaiti Government to support the raft of programmes it has in place. Kuwaiti input into the regional supplement will highlight the government’s appliance of international best practice, and ensure the region’s achievements are reflected in the report.
“We were delighted to have the opportunity to discuss pertinent issues with HE Mustafa Al-Shamali, especially as the role of the ministry is widely accepted as a driving factor in Kuwait’s GDP growth during the recent difficult economic situation,” commented Mr. Fouad Douglas, Kuwait’s Country Senior Partner, PwC. “However, the world economy is rapidly changing and the focus needs to be on how governments are planning for the next stage.”
“Finance departments need to balance competing demands for efficiency and control, increase value from their investment portfolio, maintain talent and respond to the changing environment,” added David Stevens, PwC’s Middle East government sector leader. “This all has to be done while ensuring best practice is in place to support economic growth and many lessons can be learnt from how the Kuwait model has been operating and from other GCC and global players.”
On a global scale, PwC has been advising central and local government finance departments for many years. Mixed with the depth of regional support and knowledge, the report will provide invaluable insight into the ongoing position of public sector finance departments.