Business Today Egypt (BT) July - August 2021

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ments. On the resource side, it became clear
that revenues, spanning three chapters, in addition
to funding sources, include two chapters
detailed in the bill.
Regarding the classification of government
accounts, the draft law classified these accounts
into those of uses and resources, accounts of assets
and liabilities, and regular accounts. These
accounts are classified according to the divisions
in the state’s general budget, and the government
financial statistics manual. The executive
regulations specify the types of accounts at the
overall and detailed levels.
The draft law clarifies the Ministry of Planning’s
role in defining the state’s strategic goals
in all its sectors in the annual budget and the
medium-term framework budget, in coordination
with the ministries and independent bodies,
defining priorities to implement those goals,
and presenting them to the Council of Ministers
for approval in light of the controls, rules and
provisions in the state’s general planning law.
The draft law indicated that the Ministry of
Finance is preparing the state’s general draft
budget and projects economic bodies’ budgets.
This happens after studying the draft budgets
received from the administrative authorities,
seeking the Central Bank’s opinion regarding
coordination between each of the financial,
monetary and credit policies in order to achieve
the economic and social development plan’s
objectives. The draft law also clarified the right
to access the studies, research and information
necessary to prepare the state’s draft general
budget.
How does this law achieve the state’s plan for reform
and sustainable development?
Under the state’s directives for legislative reform
and the elimination of duplication and
conflict of legislation, in order to improve the
Egyptian economy, and in light of the changes
that occurred in the pattern of preparing the
general budget, as well as the recommendations
of international institutions regarding the
development of financial performance, including
the development of the budget preparation
and control system, strategic planning and
technological developments in the mechanization
of budget performance, and the existing
constitutional and legal legislation, the unified
public finance law was drafted, which came in
line with the new Egyptian constitution, and
achieved the objectives of Egypt’s strategy for
sustainable development (Egypt Vision 2030),
taking into account international practices,
where the philosophy of the draft unified public
finance law is determined in the general
framework of controlling the financial system
and good management.
What is the improvement or tangible return on
28 July-August 2021
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