Egyptian parliament's Budget Committee to discuss new General Unified Finance Law on Monday

Gamal Essam El-Din , Sunday 10 Oct 2021

The Egyptian parliament's Budget and Plan Committee will begin Monday discussing the new government-drafted General Unified Finance Law, according to the committee's head Fakhri El-Fiqi.



The law, which was approved by the Senate last July, aims to upgrade the process of drafting the state's annual budget. 

"This will come through merging two pieces of legislation regulating the annual state budget and government accounting into a single bill," said El-Fiqi, adding that "these two pieces of legislation were passed a long time ago and so have become unable to keep pace with the latest changes in the area of budgeting and accounting."

The Budget Committee is also expected to discuss new amendments to the law regulating the participation of the private sector in implementing infrastructure, service and public utilities projects.

"This will come through allowing the private sector to implement works related to designing, funding, implementing, operating, utilising and maintaining public projects," said a parliamentary report, adding that "the amendments also allow the state's administrative system to award contracts to private sector companies to implement most infrastructure projects in areas of transport, electricity, communications, information technology, water, sanitary draining, education..etc."

The report said the above amendments come within the state's new strategy of carrying out a number of mega-development housing projects, the most important of which is building a new administrative capital.

"The role of the private sector in these projects is very important and so it is necessary that the law (17/2010) be amended to give it a larger role in this respect in the coming period," said the report.

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