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Sunday, 21 May 2017

House Economics Committee and Finance Ministry form joint slush fund to review state slush funds

Task force to look into slush funds: The House of Representatives’ Economics Committee formed a joint task force with the Finance Ministry that will begin looking into the special revenue funds, Al Mal said on Saturday. MPs are hoping to allocate 80% of the funds’ total assets — around EGP 30 bn, Finance Minister Amr El Garhy previously said — towards narrowing the budget deficit, Rep. Ahmed Farghal told the newspaper. The Finance Ministry had said last week that it would be working with Prime Minister Sherif Ismail to compel all ministries and government agencies to compile reports on special funds under their control to present to the House for review. House representatives have been pushing for legislation to better monitor slush funds and connect them to state coffers.

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