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Egypt's Shura Council requests details of 'private funds'

Economic committee calls for details on monies raised by government through means other than customs or taxation

Ahram Online, Tuesday 6 Mar 2012
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Views: 686

The economic committee in Egypt's Shura Council (parliament's upper house) has requested the finance ministry to present a detailed report on Egypt's "private funds."

"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.

Egypt's finance minister Momtaz El-Saeed noted in February 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 a number of foreign currencies.

El-Saeed 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.

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