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Finance Ministry excludes economic stimulus plans from public expenditure control guidelines - Daily News Egypt

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Finance Ministry excludes economic stimulus plans from public expenditure control guidelines

The Ministry of Finance said in a statement on Tuesday that it has issued executive instructions to exclude the accounts of the emergency economic stimulus plan for the current fiscal year (FY) from its recent spending control instructions. The spending control instructions include banning the reregistration of discount disbursement financial documents starting 14 June, prohibiting …


The Ministry of Finance said in a statement on Tuesday that it has issued executive instructions to exclude the accounts of the emergency economic stimulus plan for the current fiscal year (FY) from its recent spending control instructions.

The spending control instructions include banning the reregistration of discount disbursement financial documents starting 14 June, prohibiting the depletion of remaining balances of financial appropriations in the current FY budget, and stopping various public bodies from contracting on tenders or bids based on the Tenders And Auctions Law from 21 May to 28 June.

The ministry said that the exception comes to support the government’s efforts to revitalise the national economy and continue the successes and positive performance achieved by the urgent plan for the current FY, which contributed to raising growth rates to 5.4% in Q3 2017/2018.

The ministry added that the directive is aimed at continuing to implement the programmes of the urgent plan through 28 June, the date of closing books and government accounts in preparation for the final accounts of the state for the current FY, which is expected to officially end on 30 June.

Emad Awaad, head of accounts and financial directorates at the Ministry of Finance, pointed out that the directives were quickly sent out to all concerned bodies, state auditors, and local administrations.

He explained that the speed of sending the instructions aims to facilitate the implementation of the programmes of the urgent plan to stimulate the national economy and also aimed at improving public services.

The Ministry of Finance issued instructions excluding private accounts and special funds from the instructions to control public expenditure and prohibit financial disbursement starting from 14 June, given the special nature of these accounts and funds.

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