Wed, 28 Apr 2021 - 03:06 GMT
FILE - Minister of Finance Mohamed Ma'it
CAIRO - 28 April 2021: Minister of Finance Mohamed Maait said the new fiscal year will witness for the first time ever the drafting of a medium term budget plan for a three-year period which will be presented to the House of Representatives.
In a statement Wednesday, the minister said the unified purchasing system aims at rationalizing spending and consumption, pointing out that the format of 15 automated governmental contracts have been adopted, a matter that would promote good governance and transparency.
The minister said that the general budget and governmental accounting laws, which govern the Egyptian financial performance, had been merged into the unified general finance law after amendments.
He said the economic reform program Egypt adopted during the past years has been implemented successfully, citing statements issued by international financial institutions to commend the country's performance on that score.
Minister Maait said the state budget contributed to subsidizing of electricity and gas used by the industry sector during the past years as part of the state efforts to support local industry and increase exports of Egyptian commodities.
The minister said the state will continue its financial and economic reforms to achieve financial control and reduce the total deficit and public debts through organizing spending.