Kuwait's Emir Sheikh Meshal al-Ahmad al-Jaber al-Sabah issued a decree on Sunday approving the resignation of Deputy Prime Minister and Oil Minister Emad al-Atiqi.

Meanwhile, the Kuwaiti Emir appointed the Minister of Finance and State for Economic Affairs, Nora Suleiman al-Fassam, as acting oil minister.

Emir Sheikh Meshal dissoluted in May of the National Assembly and suspended some articles of the constitution for a period not exceeding four years.

He underlined that this timeframe will see the state of Kuwait reexamining many issues within the democratic process.

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"Democratic rule necessitates the distribution of powers according to a clear vision for the executive and legislative authorities," he said.

"We have gone through difficult times that created a negative situation in the country, and we witnessed throughout the previous period behavior that was contrary to the constitution," the Emir added.

Following his speech, state-run KTV 1 reported that the Emiri decree also stipulates that the Emir and the Council of Ministers will assume the powers of the National Assembly for the upcoming period.

Sheikh Meshal was sworn in as Kuwait's new Emir in December last year after the death of his older brother Emir Nawaf Al-Ahmad Al-Jaber Al-Sabah.

He then announced that he would maintain his late brother's current foreign policy aimed at strengthening the country's relations and cooperation with Arab countries in the Gulf, especially regarding regional issues.

The oil-rich country has one of the world's most powerful sovereign wealth funds with a low debt level; it also boasts 7% of global crude reserves.