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Monday, 15 April 2019

FinMin gives 15 government entities until end of month to disclose special funds

FinMin issues ultimatum to gov’t entities on disclosing special funds before month-end: The Finance Ministry has issued formal requests to 15 government entities with some 750 bank accounts connected to their “special funds” to disclose these accounts to the government for regulatory oversight, Al Mal reports. The ministry has threatened to seize these accounts, which reportedly hold a combined total of EGP 195.3 bn, if the entities fail to comply.

Background: The so-called “private accounts,” widely referred to as government slush funds, are typically maintained outside the budget system and have for years been the subject of scrutiny by both the domestic press and corruption watchdogs. MPs began calling for greater oversight last year when it was revealed that a “special fund” belonging to the Cairo governorate recorded a surplus of EGP 140 mn. The House of Representatives ultimately passed legislation earmarking 5-15% of these slush funds for state coffers.

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