We are strengthening the state’s financial governance to achieve economic and development goals: Egypt’s Finance Minister

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Egypt

We are strengthening the state’s financial governance to achieve economic and development goals: Egypt’s Finance Minister

Minister of Finance Mohamed Maait affirmed on Saturday that his ministry is continuing to strengthen the financial governance of the country to achieve financial, economic, and development goals in a way that enables the government to increase expenditures.

These expenditures target improving the standard of living of citizens and improving the quality of public services by maximising efforts to lay the foundations for financial discipline, raising the efficiency of public spending, and tightening control over disbursement through the government financial information system (GFMIS) and the electronic payment system (GPS).

This is especially relevant to the new provisions contained in the Unified Public Finance Law that reflects the philosophy of financial performance based on automated systems in accordance with international best practices.

Maait added that the electronic management of the state’s general budget during the current FY contributed to providing accurate real-time data on the performance of implementing all budgets of bodies and units affiliated with each minister, governor, or university president, noting that the final accounts of the budget ending in the same year will be closed at the end of the FY on 30 June.

This leads to controlling financial performance and enabling budgetary authorities to fulfil the requirements of their approved activities

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