Rahul Sharma

Finance minister

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Finance minister

A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. It may also be a junior minister in the finance department, the British Treasury, for example has four junior ministers.

A finance minister's portfolio has a large variety of names across the world, such as "treasury", "finance", "financial affairs", "economy" or "economic affairs". The position of the finance minister might be named for this portfolio, but it may also have some other name, like "Treasurer" or, in the United Kingdom, "Chancellor of the Exchequer".

The duties of a finance minister differ between countries. Typically, they encompass one or more of government finance, fiscal policy, and financial regulation, but there are significant differences between countries:

  • in some countries the finance minister might also have oversight of monetary policy (while in other countries that is the responsibility of an independent central bank);
  • in some countries the finance minister might be assisted by one or more other ministers (some supported by a separate government department) with respect to fiscal policy or budget formation;
  • in many countries there is a separate portfolio for general economic policy in the form of a ministry of "economic affairs" or "national economy" or "commerce";
  • in many countries financial regulation is handled by a separate agency, which might be overseen by the finance ministry or some other government body.
  • Finance ministers are also often found in governments of federated states or provinces of a federal country. In these cases their powers may be substantially limited by superior legislative or fiscal policy, notably the control of taxation, spending, currency, inter-bank interest rates and the money supply.

    The powers of a finance minister vary between governments. In the United Kingdom and Australia, the finance minister (called the "Chancellor of the Exchequer" and the "Treasurer" respectively) is in practice the most important cabinet post after the Prime Minister.

    In the United States, the finance minister is called the "Secretary of the Treasury", though there is a separate and subordinate Treasurer of the United States, and it is the director of the Office of Management and Budget who drafts the budget.

    In the United Kingdom, the equivalent of the finance minister is the Chancellor of the Exchequer. Due to a quirk of history, the Chancellor of the Exchequer is also styled Second Lord of the Treasury with the Prime Minister also holding the historic position of First Lord of the Treasury. This signals the Prime Minister's seniority and superior responsibility over the Treasury.

    In Hong Kong the finance minister is called the Financial Secretary, though there is a Secretary for the Treasury subordinate to him.

    In Australia, the senior minister is the Treasurer, although there is a Minister for Finance who is more junior and heads a separate portfolio of Finance and Deregulation.

    Finance ministers can be unpopular if they must raise taxes or cut spending. Finance ministers whose key decisions had directly benefited both the performance and perception of their country’s economic and financial achievements are recognised by the annual Euromoney Finance Minister of the Year award.

    Country-related articles and lists

  •  Albania: Ministry of Finance
  •  Algeria: Ministry of Finance
  •  Angola: Ministry of Finance
  •  Argentina: Minister of Treasury and Public Finances
  •  Australia: Treasurer of Australia (with list). There is also a Minister for Finance who is responsible for areas such as government expenditure, financial management, and the operations of government.
  •  Bahamas: Minister of Finance—There is also a Minister of State for Finance who is junior to the Minister.
  •  Bangladesh: Minister of Finance
  •  Belarus: Ministry of Finance
  •  Belgium: Ministry of Finance (list)
  •  Brazil: Ministry of Finance
  •  Bulgaria: Ministry of Finance (list)
  •  Burma: Ministry of Finance
  •  Cambodia: Ministry of Finance
  •  Canada: Minister of Finance (with list)
  •  Chile:Ministry of Finance of Chile
  •  People's Republic of China: Minister of Finance - the Chairman of the National Development and Reform Commission also has power over government finance and the economy
  •  Hong Kong: Financial Secretary (with list), Secretary for the Treasury (under Financial Secretary)
  •  Republic of China: Ministry of Finance
  •  Cyprus: Minister of Finance of the Republic of Cyprus
  •  Czech Republic: Finance Minister of the Czech Republic
  •  Denmark: Finance Minister (list)
  •  Dominican Republic: Ministry of Finance (list)
  •  Dominican Republic: Ministry of Economy
  •  East Timor: Ministry of Finance
  •  Egypt: Minister of Finance
  • Estonia: Ministry of Finance
  •  Ethiopia: Ministry of Finance and Economic Development
  •  European Union: Commissioner for Economic and Financial Affairs
  •  Fiji: Minister of Finance
  •  Finland: Minister of Finance (with list)
  •  France: Minister of the Economy, Finance and Employment (list)
  •  Germany: Minister of Finance (list)
  •  Greece: Minister for Finance
  •  Hungary: Minister of Finance (with list)
  •  Iceland: Minister of Finance
  •  India: Finance Minister of India, (list)
  •  Indonesia: Minister of Finance (with list)
  •  Iran: Minister of Economic Affairs and Finance
  •  Iraq: Minister of Finance
  •  Ireland: Minister for Finance (with list), Minister for Public Expenditure and Reform
  •  Israel: Finance Minister of Israel
  •  Italy: List of Ministers of Economy and Finance
  •  Jamaica: Minister of Finance
  •  Japan: Minister of Finance (with list)
  •  Kuwait: Ministry of Finance
  •  Lebanon: Ministers of Finance list
  •  Liberia: Ministry of Finance (with list)
  •  Lithuania: Minister of Finance
  •  Macedonia: Ministry of Finance
  •  Malaysia: Minister of Finance (with list)
  •  Mexico: Secretary of Finance
  •  Montenegro: Ministry of Finance (with list)
  •    Nepal: Ministry of Finance
  •  Netherlands: Ministry of Finance
  •  New Zealand: Minister of Finance (with list)
  •  Norway: Minister of Finance (with list)
  •  Pakistan: Finance Minister of Pakistan (with list)
  •  Peru: Ministry of Economy and Finance
  •  Philippines: Secretary of Finance (with list)
  •  Malta: Minister of Finance (with list)
  •  Poland: Minister of Finance
  •  Romania: Ministry of Public Finance
  •  Russia: Ministry of Finance of the Russian Federation. See also Finance Minister of Imperial Russia
  •  Samoa: Minister for Finance (with list)
  •  Serbia: Minister of Finance
  •  Singapore: Minister for Finance, Ministry of Finance
  •  Slovenia: Minister of Finance
  •  Somalia: Ministry of Finance and Planning
  •  South Africa: Minister of Finance
  •  South Korea: Ministry of Strategy and Finance
  •  South Sudan: Ministry of Finance and Economic Planning
  •  Soviet Union: Ministry of Finance (Soviet Union) (List): See also chairman of the State Bank (Gosbank) and the chairman of the State Planning Committee (Gosplan)
  •  Spain: Minister of Finance
  •  Sri Lanka: Minister of Finance
  •  Sweden: Minister for Finance (with list)
  •   Switzerland: Member of the Federal Council heading the "Federal Department of Finance" (with list)
  •  Tanzania: Ministry of Finance and Economic Affairs
  •  Thailand: Ministry of Finance
  •  Trinidad and Tobago: Ministry of Finance
  •  Turkey: Ministry of Finance (list)
  •  Uganda: Ministry of Finance, Planning and Economic Development
  •  United Kingdom: Chancellor of the Exchequer (with list) and Her Majesty's Treasury
  •  Northern Ireland: Minister of Finance and Personnel
  •  Wales: Minister for Finance
  •  Scotland: Cabinet Secretary for Finance, Employment and Sustainable Growth (with list)
  •  United States: Secretary of the Treasury (with list)
  •  Uruguay: Minister for Economy and Finance
  •  Uzbekistan: Ministry of Finance (Uzbekistan)
  •  Vietnam: Ministry of Finance
  • References

    Finance minister Wikipedia


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