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Sunday, 1 November 2020

Cabinet approves streamlined budget legislation

CABINET WATCH- The Unified Budget Act earned a seal of approval from the Madbouly Cabinet in its weekly meeting last Wednesday, according to a statement. The legislation stipulates the procedures for formulating the state budget, outlines the distribution of resources to different sectors, and details the mechanisms for regulation and internal compliance. The law would combine the General Budget Law and the Government Accounting Act into a single piece of legislation, which the government says would make financial planning easier. Last we heard, the bill was scheduled to be reviewed by the House Planning and Budget Committee in June.

Also approved in the meeting:

  • A new EGP 16.5 mn project to introduce a smart transport card and unified ticketing system covering all public transportation;
  • Settling debts owed to the Oil Ministry by some public sector companies by transferring ownership of some of their real estate assets;
  • The establishment specialized plasma collection centers to help Egypt become self-sufficient in the production of plasma and its derivatives to treat disease, according to another statement.

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