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Sunday, 20 November 2016

House Budget Committee to introduce legislation on private funds

House Budget Committee member Yasser Omar plans to introduce legislation that would place 25% of the notorious “private funds” under the control of the Finance Ministry, Al Borsa reports. As it stands, private funds must move 20% of their assets to the state treasury annually. The committee’s chair, Hussein Eissa stated that he is not in favor of eliminating the funds in one swoop, something which MPs from the Support Egypt Coalition have been demanding, as it may jeopardize the operations of a number of government bodies that rely on them for funding and to pay salaries. Private funds — which are not part of the budget and which were formed with the intention of weaning some government bodies off the Finance Ministry — have gained the reputation for being slush funds and havens for corruption.

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