Financial transformative bill approved in Egyptian Senate on a provisional basis
On Sunday, the Consultative upper house of Egypt had approved a new general unified financial law but the decision was only made provisionally. The Senate passed the law in order to upgrade the system drafting the state’s annual budget.
Through this, the government will focus on giving
equal weightage to economic reform plans and as per the speaker of the Senate
Abdel-Wahab Abdel-Razek, the law will also work towards enhancing the
objectives of the government which are majorly put forward with respect to the
socio-economic development agendas.
According to the deputy speaker Bahaa El-Din Abu
Shoka, “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 drafting
state budgets and using digital and mechanised systems in this respect.”
One of the core reasons why this bill or law was
introduced in the Senate was because the government wanted to merge two pieces
of legislation among which, one represents the annual state budget and the
other one is the government accounting, into a single bill and direct it
towards easier management of the financial matters.
Majority of the top Egyptian officials said that the
new bill will cater to the smoothing of economic processes of the country. The
government is planning to bring out the best kind of reform with economy and
structuring in mind and world on its amalgamation with modern international
methods.
Senator Ilhab Zakaria said that he hopes that the government
will focus on proper imposition of the law by following detailed regulations
and conducting training courses for state employees so that it figures
compulsory implementation. “I think that executive regulations are in many
cases more important than the law itself,” said Senate Speaker Abdel-Razek.
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