{"id":614963,"date":"2024-02-11T00:00:00","date_gmt":"2024-02-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/cabinet-greenlights-unified-budget-act-amendments\/"},"modified":"2024-02-11T00:00:00","modified_gmt":"2024-02-11T00:00:00","slug":"cabinet-greenlights-unified-budget-act-amendments","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/11\/cabinet-greenlights-unified-budget-act-amendments\/","title":{"rendered":"Cabinet greenlights Unified Budget Act amendments"},"content":{"rendered":"

Cabinet greenlit <\/strong>amendments to the Unified Budget Act <\/strong>aimed at improving budget indicators so they're more in line with international standards, during its weekly meeting<\/a> last Thursday. Under the amendments, the budgets of all 59 of the state\u2019s economic bodies will be laid out in the state budget, Finance Minister Mohamed Maait said<\/a>.<\/p>\n

What we know about the act:<\/strong> Approved by the House in 2022<\/a>, the law requires the government to be more transparent in how it plans public finances, forcing it to present an annual medium-term budgetary and fiscal strategy to the House and set spending limits for each ministry.<\/p>\n

ALSO APPROVED-<\/strong><\/p>\n

#1- Public-sector wage, pension hikes<\/strong> that were introduced by President Abdel Fattah El Sisi a day earlier<\/a> to alleviate the effects of the ongoing economic crisis on citizens.The measures approved by the cabinet include a 50% hike to the public sector minimum wage to EGP 6k, a 15% increase in pension payouts, and salary increases for those in the education and healthcare sectors.<\/p>\n

#2- A draft law that would allow the private sector to build, manage, and operate state-run <\/strong>health facilities. <\/strong>The bill, if passed, would authorize the government to award local and foreign investors 3-15 year contracts, at the end of which the awarded parties will be required to hand over all the medical equipment it used to run the facilities to the government.<\/p>\n

#3- Amendments to oil agreements <\/strong>that aim to bring in more investments into the sector. The amendments apply to two agreements inked between the General Petroleum Corporation and local and international firms for the exploration of oil in West Delta and Gulf of Suez. Under the amendments, the firms will have to drill no less than 8 wells and invest some USD 232 mn.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cabinet also approved public-sector wage, pension hikes<\/p>\n","protected":false},"author":1,"featured_media":614964,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7306],"tags":[282,72,7115,190,186],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-614963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cabinet-watch","tag-cabinet-watch","tag-enterpriseam","tag-healthcare","tag-social-welfare","tag-unified-budget-act","wpautop","entry"],"acf":{"mongo_id":"e5689a04-2571-4cd6-ada7-3e7f91726201","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/799.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s cabinet approves amendments to the Unified Budget Act","related_issue":[614949],"teaser":"Cabinet also approved public-sector wage, pension hikes","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.115f8147-0178-47ce-bb2f-997f47772e4f.mp3"},"yoast_head":"\nCabinet greenlights Unified Budget Act amendments - 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The House will set a full agenda and with clear priorities over the coming week, Ehab Al Tamawi, deputy chair of the House Constitutional\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/417.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568516,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/01\/cabinet-approves-streamlined-budget-legislation\/","url_meta":{"origin":614963,"position":4},"title":"Cabinet approves streamlined budget legislation","author":"enterpriseam admin","date":"1 November 2020","format":false,"excerpt":"CABINET WATCH- The Unified Budget Act earned a seal of approval from the Madbouly Cabinet in its weekly meeting last Wednesday, according to a statement. The legislation stipulates the procedures for formulating the state budget, outlines the distribution of resources to different sectors, and details the mechanisms for regulation and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":637463,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/16\/legislation-watch-cabinet-approves-amendments-to-unified-building-code-final-draft-of-social-welfare-act-at-its-weekly-meeting\/","url_meta":{"origin":614963,"position":5},"title":"LEGISLATION WATCH- Cabinet approves amendments to Unified Building Code, final draft of Social Welfare Act at its weekly meeting","author":"enterpriseam admin","date":"16 November 2017","format":false,"excerpt":"LEGISLATION WATCH- The Ismail Cabinet approved amendments to the Unified Building Code during its weekly meeting yesterday and referred the bill to the Council of State (Maglis Al Dawla) for review, according to an official statement. 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