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Sunday, 28 August 2016

House Complaints Committee to work on bill to dissolve slush funds

The House of Representatives is set to hold a meeting on Monday to discuss the drafting of a bill to dissolve all so-called slush funds (special accounts) and transfer those funds to the state budget, Al Shorouk reported on Saturday, citing the committee’s head Hamam Al Adly. Last year, a year-long investigation by Africa Confidential in partnership with US-based NGO Angaza suggested there exists at least USD 9.4 bn in state funds placed in secret unaudited accounts at the CBE, in which senior officials spend from at their personal discretion. The committee has reportedly asked the Finance Ministry to prepare a report with estimates on the total value of these funds.

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