2023-12-15 08:45:00
Written by Ahmed Yaqoub Friday, December 15, 2023 10:45 AM Dr. Mohamed Maait, Minister of Finance, confirmed that the decision Rationalization of spending It does not apply to the Ministry of Health and Population and its affiliated bodies, university hospitals, and other bodies responsible for providing health services and medical care, as well as those responsible for managing food supplies, petroleum products, gas and their derivatives, and the financial appropriations included in the bodies’ budgets for the treatment of workers and others such as students, and subsidies that Disbursed to them, cash compensation for workers in remote areas, and all financial allocations included to support food supplies, security pensions and “Solidarity and dignity».
This came during the meeting of Dr. Mohamed Maait, Minister of Finance, with the Accounts Sector and Financial Directorates, to follow up on the implementation of the Prime Minister’s decision to raise the efficiency of government spending, maximize revenues, and the decision to rationalize public spending, with the budget agencies and public economic bodies in light of the current global economic crises, and the consequences. It puts pressure on the budgets of various countries, including Egypt.
The Minister of Finance directed to maximize the benefit of automated financial systems in enhancing the governance of the revenue and expenditure system. In a way that enables us to have a more flexible management of the state’s public finances, and to estimate the sound financial position that is most appropriate to the nature of the exceptional circumstances that the global economy is witnessing, and which, in a very complex landscape, affect emerging economies.
The Minister emphasized that automated financial systems provide real-time information regarding public revenues and expenditures, and enable us to arrange priorities accurately, with full commitment to managing the basic needs of citizens, expanding the umbrella of social protection to the segments most affected by the inflationary wave, and maintaining the path of financial discipline, by continuing to Reducing the budget deficit and the debt-to-GDP ratio in the medium term, and achieving a primary surplus of 2% by the end of the current fiscal year.
The Minister pointed out the importance of continuing efforts to raise the efficiency of public spending to achieve development and economic goals, and continuing to work on prioritizing investment projects in a way that contributes to achieving optimal exploitation of the state’s resources, which reflects the necessity of committing to preparing economic feasibility studies for these projects with a specific timetable, including It helps to maximize its returns and thus increase the state’s general revenues.
The Minister renewed his emphasis on giving priority in government contracts to Egyptian products, even if their price exceeds their foreign counterparts within the limits of 15%, in line with the state’s efforts aimed at increasing local production and localizing the industry, and encouraging the private sector to pump more investments into various sectors, especially those with developmental and competitive priority. Global as well, in a way that opens promising prospects for export and access to international markets.
Sherif Khairy, Head of the Accounts and Financial Directorates Sector, said that two periodic letters have been issued to confirm the commitment to implementing the Prime Minister’s decisions to raise the efficiency of government spending, rationalize expenditures, and increase revenues in budget agencies and public economic bodies, while also committing to implementing the provisions of the Unified Public Finance Law and the Financial Regulations for the Budget and Accounts. And not to exceed the approved financial appropriations, and prohibit the establishment of special funds and accounts except by law, pointing out that the directors of the financial directorates, financial controllers, managers and account agents have been directed to strictly implement these instructions.
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