Finance minister
Encyclopedia
The finance minister is a cabinet
position in a government
.
A minister of finance
(also called financial affairs, the treasury, the economy, or economic affairs) has many different jobs in a government. He or she helps form the government budget
, stimulate the economy
, and control finances. Finance ministers are often found in state or provincial governments if that country has a form of federalism
. Although in many cases, especially the Anglo-American world, the posts are merged, the Finances and Economy are separate Ministries across most of the globe.
The powers of a finance minister vary between governments. Sometimes the finance minister is the most powerful cabinet post, like in Canada
or New Zealand
. Other times they are unpopular posts if they must raise tax
es or cut spending
.
In the United States
, the finance minister is called the Secretary of the Treasury, though there is a separate 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 finance minister is called the Chancellor of the Exchequer
. In Hong Kong it is called the Financial Secretary
, though there is a Secretary for the Treasury
subordinate to him. In Australia, the Treasurer
is responsible for economic matters and is assisted by the Minister for Finance and Deregulation (formerly Finance and Administration) who heads a separate department.
In December 2010 The Banker
recognised India's Pranab Mukherjee
as their Finance Minister of the Year after making significant inroads into budget deficit reduction, throughout a turbulant year.
: Minister of Economy and Production
: Treasurer of Australia (with list)
—There is also a Finance Minister
who is junior to the Treasurer.: Minister of Finance (Bahamas)—There is also a Minister of State for Finance who is junior to the Minister.: Ministry of Finance (Brazil)
: Ministry of Finance (Bulgaria)
(list): Minister of Finance
(list):Ministry of Finance of Chile
: Minister of Finance
; see also the Chairman of the National Development and Reform Commission
and the Governor of the People's Bank of China
: Ministry of Finance: Minister of Finance of the Republic of Cyprus: Finance Minister of the Czech Republic
: Finance Minister
(list): Ministry of Finance
(list): Ministry of Economy
: Minister of Finance (Egypt)
: Ministry of Finance and Economic Development
: Commissioner for Economic and Financial Affairs: Minister of Finance (with list)
: Minister of the Economy, Finance and Employment (list): Minister of Finance (list): Minister for Finance: Financial Secretary (with list)
, Secretary for the Treasury
(under Financial Secretary): Minister of Finance (with list)
: Minister of Finance
: Finance Minister of India
, (list): Minister of Finance (with list)
: Minister of Finance (Iraq): Minister for Finance (with list)
, Minister for Public Expenditure and Reform
: Finance Minister of Israel: List of Ministers of Economy and Finance: Minister of Finance
: Minister of Finance (with list)
: Minister of Finance: Minister of Finance (Malaysia)
: Secretary of Finance: Ministry of Finance (with list)
: Ministry of Finance
: Minister of Finance (with list)
: Minister of Finance (with list)
: Finance Minister of Pakistan (with list)
: Ministry of Economy and Finance
: Secretary of Finance (with list)
: Minister of Finance (with list)
: Minister of Finance: Economy and Finance Minister of Romania: Ministry of Finance of the Russian Federation
. See also Finance Minister of Imperial Russia: Minister for Finance (with list): Mirko Cvetković
: Minister for Finance
, Ministry of Finance
: Minister of Finance: Ministry of Strategy and Finance: Ministry of Finance (Soviet Union) (List): See also chairman of the State Bank
(Gosbank) and the chairman of the State Planning Committee
(Gosplan): Minister of Economy and Finance
}: Ministry of Finance: Minister for Finance (with list)
: Member of the Federal Council
heading the "Federal Department of Finance" (with list)
: Ministry of Finance
: Ministry of Finance, Planning and Economic Development
: Chancellor of the Exchequer (with list)
}: Cabinet Secretary for Finance and Sustainable Growth (with list)
: Minister for Economy and Finance: Secretary of the Treasury (with list)
: Ministry of Finance (Vietnam)
Cabinet (government)
A Cabinet is a body of high ranking government officials, typically representing the executive branch. It can also sometimes be referred to as the Council of Ministers, an Executive Council, or an Executive Committee.- Overview :...
position in a government
Government
Government refers to the legislators, administrators, and arbitrators in the administrative bureaucracy who control a state at a given time, and to the system of government by which they are organized...
.
A minister of finance
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
(also called financial affairs, the treasury, the economy, or economic affairs) has many different jobs in a government. He or she helps form the government budget
Government budget
A government budget is a legal document that is often passed by the legislature, and approved by the chief executive-or president. For example, only certain types of revenue may be imposed and collected...
, stimulate the economy
Fiscal policy
In economics and political science, fiscal policy is the use of government expenditure and revenue collection to influence the economy....
, and control finances. Finance ministers are often found in state or provincial governments if that country has a form of federalism
Federalism
Federalism is a political concept in which a group of members are bound together by covenant with a governing representative head. The term "federalism" is also used to describe a system of the government in which sovereignty is constitutionally divided between a central governing authority and...
. Although in many cases, especially the Anglo-American world, the posts are merged, the Finances and Economy are separate Ministries across most of the globe.
The powers of a finance minister vary between governments. Sometimes the finance minister is the most powerful cabinet post, like in Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
or New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
. Other times they are unpopular posts if they must raise tax
Tax
To tax is to impose a financial charge or other levy upon a taxpayer by a state or the functional equivalent of a state such that failure to pay is punishable by law. Taxes are also imposed by many subnational entities...
es or cut spending
Government spending
Government spending includes all government consumption, investment but excludes transfer payments made by a state. Government acquisition of goods and services for current use to directly satisfy individual or collective needs of the members of the community is classed as government final...
.
In the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, the finance minister is called the Secretary of the Treasury, though there is a separate Treasurer of the United States
Treasurer of the United States
The Treasurer of the United States is an official in the United States Department of the Treasury that was originally charged with the receipt and custody of government funds, though many of these functions have been taken over by different bureaus of the Department of the Treasury...
, and it is the director of the Office of Management and Budget who drafts the budget. In the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, the finance minister is called the Chancellor of the Exchequer
Chancellor of the Exchequer
The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all economic and financial matters. Often simply called the Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of Minister of Finance or Secretary of the...
. In Hong Kong it is called the Financial Secretary
Financial Secretary (Hong Kong)
Financial Secretary , often abbreviated as FS, is a position of the Government of Hong Kong. The FS assists the Chief Executive in supervising the policy bureaux as directed by the CE, mostly finance and economy-related, and plays a key role in ensuring harmonisation in policy formulation and...
, though there is a Secretary for the Treasury
Secretary for Financial Services and the Treasury
The Secretary for Financial Services and the Treasury , head of Financial Services and the Treasury Bureau of the Hong Kong Government, is responsible for the monitoring of financial services sector and maintaining the assets of the government....
subordinate to him. In Australia, the Treasurer
Treasurer
A treasurer is the person responsible for running the treasury of an organization. The adjective for a treasurer is normally "tresorial". The adjective "treasurial" normally means pertaining to a treasury, rather than the treasurer.-Government:...
is responsible for economic matters and is assisted by the Minister for Finance and Deregulation (formerly Finance and Administration) who heads a separate department.
In December 2010 The Banker
The Banker
The Banker is an English-language monthly international financial affairs publication owned by The Financial Times Ltd. and edited in London...
recognised India's Pranab Mukherjee
Pranab Mukherjee
Pranab Kumar Mukherjee is the current Finance Minister of India and leader of the current Lok Sabha.Mukherjee is a senior member of the Cabinet Committees on Economic Affairs, Infrastructure, Parliamentary Affairs, Political Affairs, Prices, Security, Unique Identification Authority of India,...
as their Finance Minister of the Year after making significant inroads into budget deficit reduction, throughout a turbulant year.
Country-related articles and lists
: Minister of Finance (Angola)Minister of Finance (Angola)
This page list Angolas finance ministers....
: Minister of Economy and Production
Minister of Economy of Argentina
The Minister of Economy is the head of the Ministry of Economy and Production of Argentina, concerned with finance and monetary matters. The position within the Government of Argentina is analogous to the finance ministers of some countries and the United States Treasury Secretary...
: Treasurer of Australia (with list)
Treasurer of Australia
The Treasurer of Australia is the minister in the Government of Australia responsible for government expenditure and revenue raising. He is the head of the Department of the Treasury. The Treasurer plays a key role in the economic policy of the government...
—There is also a Finance Minister
Minister for Finance and Administration (Australia)
In the Australian political system, the Minister for Finance and Deregulation supplements the role of the Treasurer, being responsible for areas such as budget policy advice, reviewing governmental programs, tendering and government financial accountability. The portfolio was first created in 1976...
who is junior to the Treasurer.: Minister of Finance (Bahamas)—There is also a Minister of State for Finance who is junior to the Minister.: Ministry of Finance (Brazil)
Ministry of Finance (Brazil)
The Ministry of Finance of Brazil was created in 1808 with the title Secretaria de Estado dos Negócios do Brazil e da Fazenda. The ministry is responsible for formulating and implementing the country's economic policy.-External links:*...
: Ministry of Finance (Bulgaria)
Ministry of Finance (Bulgaria)
The Ministry of Finance of Bulgaria is established in 1879 in accordance with the Tarnovo Constitution. The Ministry is responsible for formulating and implementing the budget and the fiscal and financial policy of Bulgaria....
(list): Minister of Finance
Minister of Finance (Canada)
The Minister of Finance is the Minister of the Crown in the Canadian Cabinet who is responsible each year for presenting the federal government's budget...
(list):Ministry of Finance of Chile
Ministry of Finance (Chile)
The Ministry of Finance of Chile is the cabinet-level administrative office in charge of managing the financial affairs, fiscal policy and capital markets of Chile; planning, directing, coordinating, executing, controlling and informing all financial policies formulated by the President of...
: Minister of Finance
Ministry of Finance of the People's Republic of China
The Ministry of Finance of the People's Republic of China is the national executive agency of the Central People's Government which administers macroeconomic policies and the national annual budget. It also handles fiscal policy, economic regulations and government expenditure for the state.The...
; see also the Chairman of the National Development and Reform Commission
National Development and Reform Commission
The National Development and Reform Commission , formerly State Planning Commission and State Development Planning Commission, is a macroeconomic management agency under the Chinese State Council, which has broad administrative and planning control over the Chinese economy...
and the Governor of the People's Bank of China
People's Bank of China
The People's Bank of China is the central bank of the People's Republic of China with the power to control monetary policy and regulate financial institutions in mainland China...
: Ministry of Finance: Minister of Finance of the Republic of Cyprus: Finance Minister of the Czech Republic
Finance Minister of the Czech Republic
The Finance Minister of the Czech Republic is a member of the Czech cabinet responsible for matters of finance and the economy.-List of Czech Finance Ministers:*Ivan Kočárník, January 1, 1993-June 2, 1997*Ivan Pilip, June 3, 1997-July 22, 1998...
: Finance Minister
Finance Minister of Denmark
The Finance Minister of Denmark is the head of the Ministry of Finance of Denmark, and a member of the Cabinet. As head of the ministry, the minister has responsibility for the ministry's tasks of administrering the state finances via the fiscal policy, and making economic predictions and...
(list): Ministry of Finance
Ministry of Finance (Dominican Republic)
- History :The Ministry of Finance was established nine months after the Independence of the Republic, on November 14, 1844, under the name Ministry of Finance and Trade...
(list): Ministry of Economy
Ministry of Economy (Dominican Republic)
The Ministry of Economy, Planning and Development of the Dominican Republic is a ministry created in 2006 through Law No. 496-06 of that year, which exerts ongoing coordination of the Economic Team and the Cabinet Economic Sector of the Dominican Government...
: Minister of Finance (Egypt)
Minister of Finance (Egypt)
This is an incomplete list of finance ministers of Egypt. Each minister's name is followed by the date when he took office.*El Sayed Muhammad Sherif Pasha El-Kebir, c...
: Ministry of Finance and Economic Development
Ministry of Finance and Economic Development
The Ministry of Finance and Economic Development is the Ethiopian government ministry which is responsible for general financial policy and for general management of the economy of Ethiopia, in addition to the allocation of economic aid...
: Commissioner for Economic and Financial Affairs: Minister of Finance (with list)
Minister of Finance (Finland)
The Minister of Finance of Finland handles the Finance of Finland and all other matters covered by the Ministry of Finance...
: Minister of the Economy, Finance and Employment (list): Minister of Finance (list): Minister for Finance: Financial Secretary (with list)
Financial Secretary (Hong Kong)
Financial Secretary , often abbreviated as FS, is a position of the Government of Hong Kong. The FS assists the Chief Executive in supervising the policy bureaux as directed by the CE, mostly finance and economy-related, and plays a key role in ensuring harmonisation in policy formulation and...
, Secretary for the Treasury
Secretary for Financial Services and the Treasury
The Secretary for Financial Services and the Treasury , head of Financial Services and the Treasury Bureau of the Hong Kong Government, is responsible for the monitoring of financial services sector and maintaining the assets of the government....
(under Financial Secretary): Minister of Finance (with list)
Minister of Finance of Hungary
This page is a list of Ministers of Finance of Hungary. The ministry abolished on 29 May 2010.-Ministers of Finance, 1848-2010:-Hungarian Revolution of 1848:-Austria-Hungary:-Hungarian Democratic Republic :...
: Minister of Finance
Minister of Finance of Iceland
The Icelandic Ministry of Finance is responsible for overseeing the finances of the Icelandic government. Since 1 February 2009, the minister has been Steingrímur J...
: Finance Minister of India
Finance Minister of India
The Minister of Finance, also known as the Finance Minister of India is a cabinet position in the Government of India and heads the Ministry of Finance. He drafts the general budget of the country, and is in charge of the national economy. Currently, Pranab Mukherjee holds the charge of finance...
, (list): Minister of Finance (with list)
Minister of Finance (Indonesia)
The Finance Minister of Indonesia is the Head of the Ministry of Finance of Indonesia....
: Minister of Finance (Iraq): Minister for Finance (with list)
Minister for Finance (Ireland)
The Minister for Finance is the title held by the Irish government minister responsible for all financial and monetary matters. The office-holder controls the Department of Finance and is considered one of the most important members of the Government of Ireland.The current Minister for Finance is...
, Minister for Public Expenditure and Reform
Minister for Public Expenditure and Reform
The Minister for Public Expenditure and Reform is the senior minister at the Department of Public Expenditure and Reform in the Government of Ireland....
: Finance Minister of Israel: List of Ministers of Economy and Finance: Minister of Finance
Cabinet of Jamaica
'The Cabinet of Jamaica is composed of Jamaica Labour Party members because the party won the 2007 General elections.- Ministers and Ministries :Prime Minister, Minister of Defense & Education* Andrew Holness...
: Minister of Finance (with list)
Minister of Finance (Japan)
The is the member of the Cabinet of Japan in charge of the Ministry of Finance. This position was formerly cited as being Japan's most powerful and one of the world's, because Japan had historically held the largest foreign exchange reserves...
: Minister of Finance: Minister of Finance (Malaysia)
Cabinet of Malaysia
The Cabinet of Malaysia is the executive branch of Malaysia's government. Led by the Prime Minister, the cabinet is a council of ministers who are accountable collectively to the Parliament. According to the Article 43 of the Constitution, members of the Cabinet can only be selected from members...
: Secretary of Finance: Ministry of Finance (with list)
Ministry of Finance (Montenegro)
The Ministry of Finance in the Government of Montenegro is the ministry in the Government of Montenegro which is in charge of the nation's finances. The ministry was first established in 1879 as a ministry of the Principality of Montenegro...
: Ministry of Finance
Ministry of Finance (Netherlands)
The Ministry of Finance is the Dutch ministry of finance: it is occupied with the national budget, taxation and financial economic policy, including supervision of financial markets...
: Minister of Finance (with list)
Minister of Finance (New Zealand)
The Minister of Finance is a senior figure within the government of New Zealand. The position is often considered to be the most important Cabinet role after that of the Prime Minister....
: Minister of Finance (with list)
Minister of Finance (Norway)
- 1st Ministry :- 5th Ministry :- Ministry of Finance, Trade and Customs :- Ministry of Finance and Customs :- Ministry of Finance :...
: Finance Minister of Pakistan (with list)
Finance Minister of Pakistan
The Finance Minister of Pakistan heads the Ministry of Finance and serves in the Prime Minister's cabinet. The Minister is required to be a member of the Parliament.The current finance minister is Abdul Hafeez Shaikh...
: Ministry of Economy and Finance
Ministry of Economy and Finance (Peru)
The Ministry of Economy and Finance of Peru is the entity in charge of the planning and execution of the economic policies of the Peruvian Government with the goal of optimizing the economic and financial activities of the state, establish macroeconomic activity, and achieve the sustainable growth...
: Secretary of Finance (with list)
Department of Finance (Philippines)
The Philippines' Department of Finance is the executive department of the Philippine government responsible for the formulation, institutionalization and administration of fiscal policies, management of the financial resources of the government, supervision of the revenue operations of all local...
: Minister of Finance (with list)
Finance Minister of Malta
The Finance Minister of Malta is the Head of the Ministry of Finance, Economy and Investment of Malta....
: Minister of Finance: Economy and Finance Minister of Romania: Ministry of Finance of the Russian Federation
Ministry of Finance of the Russian Federation
Ministry of Finance of the Russian Federation is a federal ministry, responsible for general financial policy and for general management in the field of finance of the Russian Federation. The ministry has two predecessors, the most notable one being the Ministry of Finance of the USSR, the other...
. See also Finance Minister of Imperial Russia: Minister for Finance (with list): Mirko Cvetković
Mirko Cvetkovic
Mirko Cvetković is a Serbian economist and the Prime Minister of Serbia as well as the Minister of Finance.-Biography:...
: Minister for Finance
Minister for Finance (Singapore)
The Minister for Finance is an appointment in the Cabinet of Singapore and heads the Ministry of Finance. Tharman Shanmugaratnam, who was Second Minister for Finance, took over the ministership on 2007-12-01 when Prime Minister Lee Hsien Loong relinquished the Finance post ....
, Ministry of Finance
Ministry of Finance (Singapore)
The Ministry of Finance , is a ministry of the Government of Singapore responsible for administering and regulating financial institutions and structures of the economy of Singapore. It is headed by the Minister for Finance...
: Minister of Finance: Ministry of Strategy and Finance: Ministry of Finance (Soviet Union) (List): See also chairman of the State Bank
Gosbank
Gosbank was the central bank of the Soviet Union and the only bank whatsoever in the entire Union from the 1930s until the year 1987. Gosbank was one of the three Soviet economic authorities, the other two being "Gosplan" and "Gossnab"...
(Gosbank) and the chairman of the State Planning Committee
Gosplan
Gosplan or State Planning Committee was the committee responsible for economic planning in the Soviet Union. The word "Gosplan" is an abbreviation for Gosudarstvenniy Komitet po Planirovaniyu...
(Gosplan): Minister of Economy and Finance
}: Ministry of Finance: Minister for Finance (with list)
Minister for Finance (Sweden)
The Minister for Finance of Sweden, officially Cabinet Minister and Head of the Ministry of Finance , is a member of the Swedish cabinet and head of the Ministry of Finance. It is often considered the most powerful office in Swedish politics after the Prime Minister.- List of officeholders :...
: Member of the Federal Council
Swiss Federal Council
The Federal Council is the seven-member executive council which constitutes the federal government of Switzerland and serves as the Swiss collective head of state....
heading the "Federal Department of Finance" (with list)
Federal Department of Finance
The Federal Department of Finance ; ; ) is one of the seven departments of the Swiss federal government. The department is headquartered in Bern and is headed by a member of the Swiss Federal Council, Switzerland's finance minister...
: Ministry of Finance
Ministry of Finance (Thailand)
The Ministry of Finance of the Kingdom of Thailand is a Cabinet Ministry in the Government of Thailand. It is considered to be one of the country's most important Ministry...
: Ministry of Finance, Planning and Economic Development
Ministry of Finance, Planning and Economic Development (Uganda)
The Ministry of Finance, Planning and Economic Development was created by the 1995 Constitution of Uganda and derives its power from the Constitution and related Acts of Parliament. Ministry offices are located in Kampala. Its name is abbreviated to "MoFPED". The current Minister of Finance,...
: Chancellor of the Exchequer (with list)
Chancellor of the Exchequer
The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all economic and financial matters. Often simply called the Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of Minister of Finance or Secretary of the...
-
- Northern IrelandNorthern IrelandNorthern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
: Minister of Finance and PersonnelDepartment of Finance and PersonnelThe Department of Finance and Personnel is a devolved Northern Ireland government department in the Northern Ireland Executive...
- Northern Ireland
}: Cabinet Secretary for Finance and Sustainable Growth (with list)
Cabinet Secretary for Finance and Sustainable Growth
The Cabinet Secretary for Finance, Employment and Sustainable Growth, commonly referred to as the Finance Secretary, is a member of the Cabinet in the Scottish Government...
: Minister for Economy and Finance: Secretary of the Treasury (with list)
United States Secretary of the Treasury
The Secretary of the Treasury of the United States is the head of the United States Department of the Treasury, which is concerned with financial and monetary matters, and, until 2003, also with some issues of national security and defense. This position in the Federal Government of the United...
: Ministry of Finance (Vietnam)