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Egypt takes effective step on path to economic reforms

Egypt launched an electronic management system to track and monitor state agencies’ financial performance and public accounts in an effort to enforce budgetary spending and crack down on waste and corruption.

CAIRO — The Egyptian Finance Ministry has begun implementing the Government Financial Management Information System (GFMIS), which will facilitate the electronic monitoring of state agencies’ financial performance and public accounts. While the attempt to control public expenditures and keep a tight rein on the financial transactions of government agencies, ministries and governorates might be laudable, the success of the system — part of the economic reforms the government has been implementing since November 2016 — will depend on how well it is implemented and agencies' and employees' compliance.

The parliament on July 25 passed the Government Accountability Law, which includes provisions greenlighting the e-system's implementation to manage budget accounts. To that end, it requires government agencies to create e-payment orders with e-signatures, eliminating paper checks except when absolutely necessary. The agencies are also required to collect revenues through an electronic system.

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