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'Private funds' to enter state budget, says Egypt finance minister

Finance Minister Momtaz El-Saeed says estimated LE36.1 billion worth of 'private funds' should be integrated into Egypt's state budget

Ahram Online, Monday 27 Feb 2012
El-Saeed estimates 'private funds' are worth roughly LE36.1 billion (Photo: Finance Ministry)
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Views: 1411

Egyptian Finance Minister Momtaz El-Saeed has called for the country's estimated LE36.1 billion (roughly $6 billion) worth of "private funds" to be integrated into the state budget, according to a Sunday report in Al-Ahram's Arabic-language news portal. 

"Private funds" are monies raised by state institutions through means other than customs or taxes, such as revenue accruing from hospital fees or parking tickets.

"This money should go into Egypt’s public treasury," El-Saeed was quoted as saying.

The minister added that the government was currently in the process of preparing a draft law aimed at gradually incorporating these private funds into the state treasury over two phases. The monies will be entirely subsumed into Egypt’s state budget by fiscal year 2013/14, he said.

El-Saeed went on to note that an estimated LE36.1 billion was currently being held in 4,737 "private funds," 4,225 of which are denominated in local currency and 512 in different foreign currencies.

Zeinab Abdel-Ghani, deputy head of Egypt's Central Auditing Authority (CAA), however, was quoted as saying the figure could be even higher. Abdel-Ghani cited a CAA report from June of last year, according to which there are 6,361 such "private funds" worth a total of LE47.4 billion (some $8 billion).

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