News
Minister of Finance..Egypt will continue to build and reconstruct..Despite the turbulent global economic scene
Books: Fathy Al-Sayeh
Minister of Finance, Dr. Mohamed Maait, affirmed that Egypt: leadership, government, and people will continue to build and prosper, elevate all tributaries of life, and improve the standard of living. public services, and the development of government work patterns by optimizing the use of modern technology; Aiming at all of this to lay the foundations of the “new republic”, by achieving comprehensive and sustainable development, the most diversified growth, and the impact on people’s lives, despite the turbulent global economic scene, whose challenges are intertwined between the repercussions of the Corona pandemic, and an unprecedented inflationary wave that has increased in intensity in the wake of the Russian crisis – Ukrainian; To confirm once again the solidity of the Egyptian will, and its ability to turn adversity into a grant, and to create opportunities for progress and development from the heart of challenges. The Minister said, at the “Public Financial Prospects in the New Republic” conference, that national projects in Egypt did not and will not stop, to provide more job opportunities, to preserve current employment “because people’s homes are preferably open” and to contribute to achieving the goals. development, which meets the basic needs and requirements of a decent life for citizens, explaining that the state pays special attention to national projects that support the establishment of food security pillars and the settlement of the local industry; In order to achieve food self-sufficiency, and to maximize the productive capacities of Egypt’s economy; So that we can grow and manufacture what we can of our needs, so that we do not have to import this large amount of inflation from abroad. The Minister reiterated that the state bears with the citizens the burdens of this large volume of “inflation imported from abroad” to alleviate them. And a decisive legal response to any monopolistic practices, or unjustified exaggeration in the prices of goods and services, along with the expansion of fixed and mobile commodity outlets and an increase in the quantities offered in consumer complexes, especially with the advent of the holy month of Ramadan. The Minister stressed that the state’s general budget will continue to be able to interact and absorb what it can from these global repercussions, and to preserve the strategic reserve of basic commodities. ; The wheat will suffice our needs until the end of 2022, and here we would like to point out that we are ready to disburse the additional supply incentive for the price of local wheat ardebs for the current agricultural season, in implementation of presidential directives; To encourage farmers to supply the largest possible quantity, according to the determinants set by the competent authorities.. He said: “With all of us together, we will overcome all difficulties, and together we have overcome the challenges of the Corona pandemic with its various variants during the past two years.” The Minister indicated that all of these challenges have proven the insightful vision of President Abdel Fattah El-Sisi, who has adopted a comprehensive program for reform. Economic, we avoided the difficult fate in light of the Corona pandemic, and the negative repercussions that followed, and the President also initiated the process of digital transformation, including modernizing and mechanizing systems affecting the management of the state’s public finances, and expanding technological applications to enhance the governance of the financial system, in a way that makes The budget is more flexible and able to achieve economic and development goals, within medium-term budget frameworks for a period of three years; To ensure good financial planning, and to develop a future vision for the financial performance of the administrative authorities.
155652 The Minister explained The unified public finance law, which integrates the “Government Accountability Law” and the State General Budget Law, is considered a strong start towards the professional management of the state’s public finances in the “new republic,” and embodies the qualitative leap in the legislative reforms implemented by the state through the provisions introduced by the law. An emerging that reflects the philosophy of financial performance based on automated systems, in accordance with international best practices, with legal documents and electronic outputs considered, and the application of program and performance budgeting in ministries, budgetary bodies, and economic bodies gradually over a period of maximum 4 years; In a way that contributes to raising the efficiency of public spending and upholding the principles of accountability and accountability, and thus improving Egypt’s ranking in international indicators. The Minister stressed that the efforts of the Ministry of Finance are complementary to achieve the stability of macroeconomic indicators, as projects for the development and digitization of the tax and customs systems contribute to integrating the informal economy into the formal economy, and collecting the dues of the state’s public treasury, while the mechanization of preparation and implementation helps and oversight of the state’s general budget, in strengthening governance and achieving financial discipline.
The Minister expressed Expressing its thanks and appreciation to the local and international experts; for their fruitful cooperation with the Ministry of Finance, and special thanks to the United States Agency for International Development; For its cooperation with the Ministry of Finance in building financial and economic awareness.Dr. Ihab Abu Eish said The Deputy Minister of the Public Treasury, that the transformation to mechanized systems necessarily requires updating the legislative, procedural and executive cover for the frameworks for preparing, implementing and controlling the budget, in a manner that ensures good financial planning, and with which documents and electronic outputs acquire legal authenticity, explaining that the unified public finance law is the main pillar for managing public money in accordance with The best practices and global experiences based on disclosure, transparency and giving the budget more flexibility to achieve the desired goals. He added that the work team, when preparing the draft law, reviewed the recommendations of international institutions in the field of financial discipline, updated modern public financial frameworks, and surveyed the opinion of the relevant authorities and ministries, including “planning and economic development, investment and international cooperation, the Central Auditing Organization, and the Central Organization for Regulation and Administration.” and the Administrative Prosecution Authority.” The draft law was put forward for community dialogue before it was issued. 155652 Ahmed Kjok, Deputy Minister for Fiscal Policies, confirmed that the unified public finance law provides for the implementation of the program and performance budget, so that we know “every pound is spent on where and what exactly returns to the citizen?” » In a manner that helps achieve public spending priorities and lay the foundations for fiscal discipline; In order to meet the development needs of citizens, explaining that this law is among several legislative reforms to manage the public budget to ensure the rational management of public money, which puts us on the right path in the field of updating legislation and giving legal authority to the outputs of electronic systems, and keeps pace with global developments, in a way that contributes to Giving the budget more flexibility towards achieving financial savings for spending on vital sectors such as health and education.
Mohamed Abdel-Fattah, Assistant Minister of Finance for Budget Affairs, pointed out that the unified public finance law represents a qualitative leap and a turning point in the history of public finance to control financial performance in accordance with the best modern scientific and technical methods, as it combines the “general budget and government accounting law” in one law and is based on the application of Balancing programs and performance to maximize the efficiency of public spending and to consolidate concepts of accountability and accountability; In order to achieve the highest levels of transparency and disclosure in the preparation and implementation of the state’s general budget, to set a future vision for financial performance in the administrative authorities, and to prepare budget frameworks to ensure good financial planning, noting that the law allows for the reuse of financial allocations in the following years in the event of failure to spend them during the year of approval.
155652 The Minister honored a number of successful partners in preparing the unified public finance bill, and they are: Dr. Yasser Mohamed Gad, Professor of Economics and Dean of the National Institute of Intellectual Property at Helwan University, Dr. Hassan Odeh, Professor of Governmental Accounting at the Faculty of Management Technology at the German University in Cairo, Saeed Al-Daw, Professor of Accounting at the Faculty of Commerce at Cairo University, Dr. Khaled Hussein, a full-time assistant professor at the Faculty of Commerce, Ain Shams University, and Dr. Sarah Mansour, a teacher a of Economics at Cairo University, and Ahmed Ismail, CEO of the Electronic Payment and Collection Consultants Sector at E. Finance”, Mohamed Abdel Fattah, Assistant Minister of Finance for Budget Affairs, Major General Engineer Ahmed Sherif, Assistant Minister of Finance for Information Technology, Imad Abdel Hamid, Head of the Finance Sector, Ali El-Sisi, Head of the State Budget Sector, Abu Bakr Abdel Hamid, Adviser to the Minister of Finance for Finance, and Mohamed El-Sobky, Adviser to the Minister of Finance for the final accounts. Walid Abdullah, Head of the Central Department for the Public Revenue Budget and director of the “GFMIS” project, Ahmed Samir, Head of the Central Department for the Budget of Economic Authorities, Ahmed Sayed Hassan, Head of the Central Department for the Public Revenue Budget, Ahmed Haridi Muhammad, Head of the Central Department for Financial Directorates and Financial Expertise in the Accounts and Financial Directorates Sector, and Eid. Ibrahim, head of the central administration of budgets for Upper Egypt, Magdy Mahfouz, head of the central administration for cash follow-up in the finance sector, Samar Abdel Hadi, director general of the Units Capital Division, of the Central Finance Administration, Sayed Mohamed Ibrahim, director general of the central division in the office of the head of the final accounts sector, Muhanna Al Rayes, accounts director at the Ministry of Defense, and Tamer Abdul Ghani is a senior researcher in the local administration budget sector, and Maha Mahmoud Ramd He is a senior researcher in the technical office of the assistant minister of finance for budget affairs, and Ahmed Abdel Hamid is a researcher in the technical office of the assistant minister of finance for budget affairs. Ahmed Ismail, CEO of the electronic payment and collection consultants sector at E. Finance”, expressed his thanks and appreciation to Dr. Mohamed Maait, Minister of Finance, explaining that one of the most important advantages achieved by the unified public finance law is keeping pace with the mechanization boom achieved by the Ministry of Finance, and granting legal authenticity to electronic documents in line with the state’s trend towards digital transformation, and achieving transparency and disclosure in Preparation, implementation and control of all financial operations, in addition to the application of program and performance budgets, and keeping pace with electronic systems related to electronic payment and collection, and the use of electronic signature systems. Mohamed El-Sobky, advisor to the Minister of Finance for the final accounts, said that the Ministry of Finance is proceeding with the gradual transition to balancing programs and performance in the light of the unified public finance law. As a new guarantee for the implementation of Egypt’s Vision 2030 to achieve sustainable development in its various economic, social and human dimensions, as it contributes to controlling financial performance and raising the efficiency of public spending by making optimal use of state resources.
