Mohamed Maait, Minister of Finance, said that an inventory of funds, special accounts, and units of a special nature has been completed. Moreover, the ministry will legalize these funds as of next January to set unified regulations for similar activities, and ensure quality and wise management of public money.
In a statement by the Ministry of Finance, Wednesday, Mait said that the ministry continues to strengthen the financial governance of the state, whether in the expenditure or revenue procedures systems, in a manner that ensures the optimal use of public resources in accordance with Egypt’s 2030 vision. It is also a target to improve the quality of life of citizens and the services provided to them by maximizing the efforts of public money protectors including managers and financial controllers in the administrative authorities. He noted that public spending priorities have been rearranged, within the framework of the state’s plan to deal with the negative repercussions of the economic crisis and distributing unused allocations to the administrative authorities according to the actual needs.
He added that the ministry is also keen on resolving financial disputes between administrative agencies, liquidating government debts, collecting government dues, and developing new mechanisms for separating budget revenues, funds, special accounts and units of a special nature. This shall be done in a way that eventually helps with achieving financial discipline. Additionally, it targets improving the state’s general public and managing public resources, as well as reducing the budget deficit and the volume of public debt to the domestic product, and sustaining an improvement in the structure and rate of growth. This allows creating more jobs and promoting human development.
For his part, Tarek Bassiouny, Head of Accounts and Financial Directorates Sector, said that an integrated plan has been developed to inspect the financial directorates in a way that contributes to decisive legal dealings in coordination with all concerned authorities against any attempts to harm the rights of the public treasury. It would also help strengthen efforts to develop awareness in the administrative authorities to spread the culture of preventive measures against harming public money and avoid financial or administrative violations. The best methods to consolidate the values of integrity and transparency will be followed, and are expected to be consistent with the application of electronic financial and accounting systems “GFMIS-GPS-TSA”.
He added that the Ministry of Finance will continue to raise the efficiency of the work environment in the financial directorates in the governorates. The financial directorate will be opened in Assiut in September 2022, then in the Red Sea, Beheira, and Ismailia. A plot of land in Salah Salem has also been allocated to constructing a building for the financial directorate in Cairo. In addition, another plot of land in Siwa city is allocated to establish a financial control body in line with the environmental nature of Siwa. Digital transformation would be taken in consideration during the process, in line with the state’s efforts towards upgrading government work patterns in accordance with ambitious programs that enhance hires by laying the foundations of sustainability in light of the latest international experiences. He added that work systems in the financial directorates will be entirely automated in order to ensure high performance efficiency and save time and effort.