{"id":627248,"date":"2018-07-26T04:21:13","date_gmt":"2018-07-26T04:21:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/26\/house-approves-legislation-to-channel-5-15-of-slush-funds-to-state-coffers\/"},"modified":"2018-07-26T04:21:13","modified_gmt":"2018-07-26T04:21:13","slug":"house-approves-legislation-to-channel-5-15-of-slush-funds-to-state-coffers","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/26\/house-approves-legislation-to-channel-5-15-of-slush-funds-to-state-coffers\/","title":{"rendered":"House approves legislation to channel 5-15% of slush funds to state coffers"},"content":{"rendered":"<p><strong>The Madbouly Cabinet received the House of Representatives\u2019 official vote of confidence yesterday,<\/strong> <u><a href=\"http:\/\/almalnews.com\/Story\/383937\/19\/%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D9%8A%D8%AC%D8%AF%D8%AF-%D8%A7%D9%84%D8%AB%D9%82%D8%A9-%D9%81%D9%8A-%D8%AD%D9%83%D9%88%D9%85%D8%A9--%D9%85%D8%AF%D8%A8%D9%88%D9%84%D9%8A--%D8%B1%D8%B3%D9%85%D9%8A%D8%A7\">Al Mal reports<\/a><\/u>.The majority of reps. had signaled their approval of the cabinet\u2019s policy program, which Prime Minister Mostafa Madbouly had unveiled early in July. The agenda is focused on the five main areas of economic development, improving living standards, human development, national security, and foreign policy; it also targets a GDP growth rate of 8% and a sovereign debt level of 80-85% of GDP by FY2021-2022. You can <u><a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/04\/madbouly-emphasizes-continuity-as-he-unveils-four-year-agenda-at-the-house-of-representatives\/\">tap or click here<\/a><\/u> for our spotlight on the cabinet\u2019s agenda.<\/p>\n<p><strong>LEGISLATION WATCH- The Finance Ministry\u2019s proposal to reduce the mandate of the Tax Dispute Resolution Act also <\/strong><strong><u><a href=\"https:\/\/alborsanews.com\/2018\/07\/25\/1118811\">received parliamentary sign-off yesterday<\/a><\/u><\/strong>. The ministry <u><a href=\"https:\/\/enterprise.press\/stories\/2018\/06\/27\/is-finmin-looking-to-significantly-reduce-mandate-of-tax-dispute-act\/\">had signaled its intention<\/a><\/u> to cut the law\u2019s mandate short to speed up the resolution of the tax disputes currently on file. The Act will now expire on 31 December 2018, after its mandate had been <u><a href=\"https:\/\/enterprise.press\/stories\/2018\/03\/05\/house-of-representatives-approves-railway-act-amendments\/\">renewed for two years in March<\/a><\/u>.<\/p>\n<p><strong>House approves legislation to channel 5-15% of slush funds to state coffers:<\/strong> The House also approved yesterday legislation earmarking 5-15% of ministerial \u201cprivate funds\u201d for state coffers, <u><a href=\"http:\/\/almalnews.com\/Story\/383961\/19\/%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D8%AA%D8%AE%D8%B5%D9%8A%D8%B5-15-%D9%AA-%D9%85%D9%86-%D8%A3%D8%B1%D8%B5%D8%AF%D8%A9-%D8%A7%D9%84%D8%B5%D9%86%D8%A7%D8%AF%D9%8A%D9%82-%D8%A7%D9%84%D8%AE%D8%A7%D8%B5%D8%A9-%D9%84%D8%AF%D8%B9%D9%85-%D8%A7%D9%84%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9\">Al Mal reports<\/a><\/u>. The bill exempts funds used for educational research, charity, social housing, and university hospitals, as well as funds financed by international loans and grants. The legislation will also see state coffers laying claim to a one-time 15% cut of the annual surplus generated by these funds as of 30 June, 2018.<\/p>\n<p><strong>Parliament also gave its final approval to the Public Contracts Act<\/strong> (previously known as the Tenders and Auctions Act) after the Council of State (Maglis El Dawla) reviewed the legislation for a second time following the name change, <u><a href=\"https:\/\/www.youm7.com\/story\/2018\/7\/25\/%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84%D9%86%D9%88%D8%A7%D8%A8-%D9%8A%D9%88%D8%A7%D9%81%D9%82-%D9%86%D9%87%D8%A7%D8%A6%D9%8A%D8%A7-%D8%B9%D9%84%D9%89-%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D8%AA%D8%B9%D8%A7%D9%82%D8%AF%D8%A7%D8%AA-%D8%A7%D9%84%D8%B9%D8%A7%D9%85%D8%A9-%D8%B5%D9%88%D8%B1\/3886429\">Youm7 reports<\/a><\/u>. The legislation aims to decentralize and streamline tender procedures.<\/p>\n<p><strong>Reps. also approved amendments to the Government Accounting Act<\/strong> that legally enshrine the transition towards a cashless economy, <u><a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1310110\">Al Masry Al Youm reports<\/a><\/u>. The amendments make it mandatory for all government transactions to be electronic, and ban the use of paper cheques for transactions above a set threshold.<\/p>\n<p><strong>Also approved yesterday:<\/strong> A draft law allowing the Finance Ministry to act as guarantor to the National Company for Construction & Development\u2019s settlement of the Omar Effendi Company\u2019s USD 35 mn debt to the International Finance Corporation, <u><a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=25072018&id=945d679d-a403-4100-a706-41d10b2ad244\">according to Al Shorouk<\/a><\/u>. The company is required to repay the debt by the end of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Madbouly Cabinet received the House of Representatives\u2019 official vote of confidence yesterday, Al Mal reports.The majority of reps. had signaled their approval of the cabinet\u2019s policy program, which Prime Minister Mostafa Madbouly had unveiled early in July. The agenda is focused on the five main areas of economic development, improving living standards, human development, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-627248","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"8d61c7cf-e97a-4fe8-9181-cc50ae32a366","order":"0","is_powered_by":true,"section_story_id":"dac287f6-54aa-4523-8b46-08b68f72d15c","story_type":"1","photo_url":"","photo_position":"above","related_issue":[627236],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>House approves legislation to channel 5-15% of slush funds to state coffers - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/26\/house-approves-legislation-to-channel-5-15-of-slush-funds-to-state-coffers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House approves legislation to channel 5-15% of slush funds to state coffers\" \/>\n<meta property=\"og:description\" content=\"The Madbouly Cabinet received the House of Representatives\u2019 official vote of confidence yesterday, Al Mal reports.The majority of reps. had signaled their approval of the cabinet\u2019s policy program, which Prime Minister Mostafa Madbouly had unveiled early in July. The agenda is focused on the five main areas of economic development, improving living standards, human development, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/26\/house-approves-legislation-to-channel-5-15-of-slush-funds-to-state-coffers\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-07-26T04:21:13+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/26\/house-approves-legislation-to-channel-5-15-of-slush-funds-to-state-coffers\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/26\/house-approves-legislation-to-channel-5-15-of-slush-funds-to-state-coffers\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"House approves legislation to channel 5-15% of slush funds to state coffers\",\"datePublished\":\"2018-07-26T04:21:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/26\/house-approves-legislation-to-channel-5-15-of-slush-funds-to-state-coffers\/\"},\"wordCount\":403,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/26\/house-approves-legislation-to-channel-5-15-of-slush-funds-to-state-coffers\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/26\/house-approves-legislation-to-channel-5-15-of-slush-funds-to-state-coffers\/\",\"name\":\"House approves legislation to channel 5-15% of slush funds to state coffers - 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The new cabinet\u2019s agenda will focus on five main areas: Economic development, improving living standards, human development, as well as national security and foreign policy. You can view\u2026","rel":"","context":"In &quot;SPOTLIGHT ON THE MADBOULY CABINET\u2019S AGENDA&quot;","block_context":{"text":"SPOTLIGHT ON THE MADBOULY CABINET\u2019S AGENDA","link":"https:\/\/enterpriseam.com\/egypt\/category\/spotlight-on-the-madbouly-cabinets-agenda\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599890,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/14\/central-bank-of-egypt-finalizes-draft-banking-act-sends-to-cabinet-for-review\/","url_meta":{"origin":627248,"position":1},"title":"Central Bank of Egypt finalizes draft Banking Act, sends to Cabinet for review","author":"enterpriseam admin","date":"14 January 2019","format":false,"excerpt":"LEGISLATION WATCH- The central bank has finished drafting its new Banking Act and has sent it to the Madbouly Cabinet for review, Youm7 quotes CBE Deputy Governor Lobna Helal as having said yesterday at CI Capital\u2019s MENA Investors Conference. The timing of cabinet\u2019s review remains unclear. CBE Governor Tarek Amer\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":564069,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/05\/tourism-topped-the-madbouly-cabinets-meeting-agenda-this-week\/","url_meta":{"origin":627248,"position":2},"title":"Tourism topped the Madbouly cabinet\u2019s meeting agenda this week","author":"enterpriseam admin","date":"5 August 2021","format":false,"excerpt":"TDA under new management? The Madbouly cabinet is placing the Tourism Development Authority (TDA) under the purview of the Housing Ministry, transferring its administration from the Tourism Ministry, according to a cabinet statement today. Consequently, the TDA\u2019s board will be reshuffled, with the Housing Minister being made chairman of the\u2026","rel":"","context":"In &quot;SPEED ROUND: CABINET WATCH&quot;","block_context":{"text":"SPEED ROUND: CABINET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567002,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/09\/egypt-approves-undisclosed-information-ministry-policy-proposal-agrees-on-role-of-ministry\/","url_meta":{"origin":627248,"position":3},"title":"Egypt approves undisclosed Information Ministry policy proposal, agrees on role of ministry","author":"enterpriseam admin","date":"9 January 2020","format":false,"excerpt":"CABINET WATCH- Cabinet approves undisclosed Information Ministry media policy, agrees on role of ministry: The Madbouly Cabinet announced yesterday that it had greenlit Information Minister Osama Heikal\u2019s media policy, but did not disclose details about what the minister had proposed. Ministers also agreed on the role that the newly-reinstated ministry\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/555.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":624596,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/13\/debt-control-strategy-high-on-madbouly-cabinets-agenda\/","url_meta":{"origin":627248,"position":4},"title":"Debt control strategy high on Madbouly Cabinet\u2019s agenda","author":"enterpriseam admin","date":"13 September 2018","format":false,"excerpt":"CABINET WATCH- The Madbouly Cabinet discussed the Finance Ministry\u2019s proposed debt control strategy at its weekly meeting yesterday, according to a Cabinet statement. The statement did not delve into specifics on the plan or announce a timeline for it except to say that it is currently being finalized and will\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":628272,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/28\/contractors-compensation-act-high-on-madbouly-cabinet-agenda\/","url_meta":{"origin":627248,"position":5},"title":"Contractors Compensation Act high on Madbouly Cabinet agenda","author":"enterpriseam admin","date":"28 June 2018","format":false,"excerpt":"CABINET WATCH- Contractors Compensation Act high on Madbouly Cabinet agenda: The focus of the Madbouly Cabinet\u2019s weekly meeting yesterday appears to have been paying out compensation to government contractors under the Contractors Compensation Act, according to a cabinet statement. Ministers reviewed a report, which showed that EGP 2.7 bn were\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/627248","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=627248"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/627248\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/627236"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=627248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=627248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=627248"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=627248"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=627248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}