EGP 9.2bn in urgent funds approved to improve public services: Finance Ministry

Daily News Egypt
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(DNE File Photo)

Minister of Finance Amr El-Garhy approved EGP 9.2bn urgent funds for the ministries of Supply, Transport, Petroleum, Electricity, and Education, as well as the Egyptian Radio and Television Union (ERTU), to support their efforts improving public services and providing essential goods to citizens.

According to the First Deputy Minister of Finance for Treasury Mohamed Maait, the amounts approved by the minister include EGP 1.5bn for the Ministry of Supply; EGP 1bn for goods covered by ration cards for March; and EGP 540m for the General Authority for Supply Commodities (GASC) to import 300,000 tonnes of wheat.

The minister also approved EGP 250m as a second payment for the Egyptian Sugar and Integrated Industries Company (ESIIC) to repay the company benefits from the receipt of sugar cane from farmers, Maait said.

A total of EGP 5.2bn was dedicated to support electricity for petroleum products supplied to electricity companies for April and May 2016, he added.

EGP 152m will be used to support student railway subscriptions for March and April, according to the tripartite protocol signed by the Ministries of Finance, Education and Transportation.

“EGP 98.5m were dedicated to fund the restructuring of public sector companies to provide the necessary liquidity to pay the dues of workers at Misr Shebin El Kom Spinning and Weaving Company and Cotton and Textile Industries Holding Company (CTIHC),” Maait said. “The minister dedicated amount of EGP 220m for the ERTU to meet its obligations toward its employees for April. In addition, EGP 109.5m are allocated as a fifth payment to repay the debt of the Ministry of Education to Press news organisations and publishing houses for printing schoolbooks.”

The amount of EGP 222m was provided for the Ministry of Petroleum to pay its dues to the Egyptian Natural Gas Holding Company (EGAS) for operations were carried out to deliver natural gas to homes instead of butane, Mafinait added.

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