Finance Ministry, CAO sign cooperation protocol to consolidate integration, enhance governance

Daily News Egypt
3 Min Read

Minister of Finance Mohamed Maait and Chairperson of the Central Auditing Organization (CAO) Hisham Badawi, have signed a cooperation protocol for electronic financial systems and applications applied by the Ministry of Finance and government agencies. It will contribute to the consolidation of integration with CAO, and helps in strengthening the governance of the state’s financial system, preserving more public money, and deepening transparency.

The Minister of Finance stressed that this protocol contributes to ensuring optimal utilization of public revenues, achieving economic and development goals, increasing spending on improving the standards of life of citizens, as well as enhancing the quality of the services they receive. 

The Ministry of Finance has adopted the implementation of many digital transformation projects to develop public financial management, including automating the implementation of the general budget and final accounts, and the transition from traditional payment and collection methods to electronic ones. This is expected to strengthen financial discipline and inclusion, proper planning of government cash flows, and create a strong system for managing public finances.

Maait explained that the electronic management of the state’s general budget aims to tighten control over exchange through government financial information systems, including the government financial network services platform (GFN), financial oracle applications with the government financial information management system (GFMIS) and the electronic payment system. 

For his part, Badawi stressed the organization’s keenness on providing the basic ingredients for the launch of a new era of financial control through modern digital systems. It also seeks to achieve a quantum leap in the performance of control work. A full-fledged oversight exercise will be done, aimed at preserving public funds and supporting the economic and developmental foundations of the state. Meanwhile, the rapid and successive technological developments in the use of electronic accounting and financial information systems in the government agencies will be kept up with.

He added that the start of activating the electronic financial control system during this fiscal year will be based on two axes: the government financial information management system and the electronic payment and collection system. This will be within the framework of the rules of this protocol, representing a wide step towards a new achievement within a series of huge achievements that preceded it and characterize the features of the new republic whose foundations were laid, led by President Abdel Fattah Al-Sisi.

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