{"id":648171,"date":"2017-05-30T03:59:08","date_gmt":"2017-05-30T03:59:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/30\/government-to-draft-legislation-to-govern-slush-funds-and-connect-them-to-state-coffers\/"},"modified":"2017-05-30T03:59:08","modified_gmt":"2017-05-30T03:59:08","slug":"government-to-draft-legislation-to-govern-slush-funds-and-connect-them-to-state-coffers","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/30\/government-to-draft-legislation-to-govern-slush-funds-and-connect-them-to-state-coffers\/","title":{"rendered":"Government to draft legislation to govern slush funds and connect them to state coffers"},"content":{"rendered":"

State coffers to get a slice of slush funds:<\/strong> The Ismail cabinet signed off on a new law proposal on Monday that would see the government earmark a percentage of what are known as \u201cspecial revenue funds\u201d or \u201cspecial accounts\u201d for state coffers to help narrow the budget deficit, Al Borsa reports.<\/a> The percentage deducted from the semi-official slush funds would be determined according to the value and size of the accounts managed by each ministry, which would be categorized into three tiers. The law will exclude research funds, funds from international donors (including both loans and grants), university hospital accounts, as well as social welfare, housing, and healthcare funds, the newspaper adds.<\/p>\n

House Representatives have been <\/strong>pressing the government<\/strong><\/a> to draft legislation to <\/strong>govern slush funds<\/strong> \u2014 which are financed with revenues that are separate from the normal budget process and can reportedly be spent on a minister\u2019s authority with little oversight \u2014 and potentially allocate around 80% of them to state coffers. The government\u2019s decision comes a little over a week after<\/a> the Finance Ministry said it would be working with the prime minister\u2019s office to have ministries and government agencies compile reports on the funds under their control to present to the House for review.<\/p>\n","protected":false},"excerpt":{"rendered":"

State coffers to get a slice of slush funds: The Ismail cabinet signed off on a new law proposal on Monday that would see the government earmark a percentage of what are known as \u201cspecial revenue funds\u201d or \u201cspecial accounts\u201d for state coffers to help narrow the budget deficit, Al Borsa reports. The percentage deducted […]<\/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-648171","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"e1182d2f-0bd8-4e5d-a7d8-14d03ddf98cb","order":"0","is_powered_by":true,"section_story_id":"50ef5024-b10f-4bf0-9429-256bcaf17026","story_type":"1","photo_url":"","photo_position":"above","related_issue":[648161],"teaser":"","voice_url":""},"yoast_head":"\nGovernment to draft legislation to govern slush funds and connect them 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\/2017\/05\/30\/government-to-draft-legislation-to-govern-slush-funds-and-connect-them-to-state-coffers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government to draft legislation to govern slush funds and connect them to state coffers\" \/>\n<meta property=\"og:description\" content=\"State coffers to get a slice of slush funds: The Ismail cabinet signed off on a new law proposal on Monday that would see the government earmark a percentage of what are known as \u201cspecial revenue funds\u201d or \u201cspecial accounts\u201d for state coffers to help narrow the budget deficit, Al Borsa reports. 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The\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\/2020\/1\/662.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":603091,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/15\/finmin-gives-15-government-entities-until-end-of-month-to-disclose-special-funds\/","url_meta":{"origin":648171,"position":2},"title":"FinMin gives 15 government entities until end of month to disclose special funds","author":"enterpriseam admin","date":"15 April 2019","format":false,"excerpt":"FinMin issues ultimatum to gov\u2019t entities on disclosing special funds before month-end: The Finance Ministry has issued formal requests to 15 government entities with some 750 bank accounts connected to their \u201cspecial funds\u201d to disclose these accounts to the government for regulatory oversight, Al Mal reports. The ministry has threatened\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":647802,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/21\/house-economics-committee-and-finance-ministry-form-joint-slush-fund-to-review-state-slush-funds\/","url_meta":{"origin":648171,"position":3},"title":"House Economics Committee and Finance Ministry form joint slush fund to review state slush funds","author":"enterpriseam admin","date":"21 May 2017","format":false,"excerpt":"Task force to look into slush funds: The House of Representatives\u2019 Economics Committee formed a joint task force with the Finance Ministry that will begin looking into the special revenue funds, Al Mal said on Saturday. MPs are hoping to allocate 80% of the funds\u2019 total assets \u2014 around EGP\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":627248,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/26\/house-approves-legislation-to-channel-5-15-of-slush-funds-to-state-coffers\/","url_meta":{"origin":648171,"position":4},"title":"House approves legislation to channel 5-15% of slush funds to state coffers","author":"enterpriseam admin","date":"26 July 2018","format":false,"excerpt":"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. 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