Maait issues executive regulations of Unified Public Finance Law

Daily News Egypt
3 Min Read

The Ministry of Finance continues its efforts to establish financial discipline in the preparation, implementation, and oversight of the state’s general budget and economic bodies. Minister of Finance Mohamed Maait issued the executive regulations of the Unified Public Finance Law, which aims to ensure optimal utilization of the state’s resources.

The regulations include the procedures and rules for preparing the medium-term budget framework, which was introduced by the unified public finance law. This framework requires each ministry to prepare a vision of its budget and needs for the next three years, based on strategic objectives. This will help determine a general vision for the state budget for the next three years.

The regulations also set controls for the governance of funds and private accounts after the Unified Public Finance Law came into force. No funds or private accounts can be established after that, except by a law issued by the House of Representatives.

The executive regulations grant some of the new powers needed to implement the budget and maintain flexibility in some issues or during emergency circumstances.

Moreover, the executive regulations state that correspondence and financial instructions sent via government e-mail and through the Ministry of Finance’s systems, as well as financial approvals sent via automated systems associated with approved electronic certification, are considered official correspondence and communications with the same legal powers as the original documents.

The law and the executive regulations also set controls and conditions for those who work in the budget, financial affairs, and accounts departments. These controls aim to raise the efficiency of employees and ensure they are provided with the necessary training and academic qualifications.

The executive regulations clearly define the responsibilities and competencies of the representatives of the Ministry of Finance in the administrative bodies. This avoids any kind of overlapping or confusion in the competencies of the representative of the Ministry of Finance and the financial officials in the administrative bodies.

Additionally, the regulations include some provisions regarding the administrative authorities’ commitment to the principle of transparency and disclosure. They are required to publish data on their budgets periodically, as well as special reports and data related to their performance, to allow for community participation.

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