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Minister of Finance, Dr. Ahmed Galal:EGP 5 billion for ration sugar subsidy bill for last fiscal year


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News Date: 12/22/2013 12:00 AM  Minister of Finance, Dr. Ahmed Galal:EGP 5 billion for ration sugar subsidy bill for last fiscal year 

• EGP 481 million for financing gas extension to 237,000 housing units in 5 months .
• EGP 125 million for employment training project and 1.5 billion for establishing facilities in 35 industrial areas  .
• EGP 355 million to support Ministry of Transportation’s efforts  in developing railways level crossings  .
• EGP 68 million for Supreme Press Council and EGP 165 million to support Tourism Ministry  .
• EGP 43 million tosupport cleanliness system in both Cairo and Alexandria governorates
 
In the context of Ministry of Finance’s follow-up for developing implementation of General Budget of current fiscal year and its interest to quicklysettle subsidy’s dues,Ministry of Finance completed ration cards sugar dues settlement which distributed to citizens during last fiscal year, where the final accountsafter its auditing by The Central Auditing Agencydisclosed that total sugar subsidy reached to EGP 5 billion and 86.3 million.
Minister of Finance, Dr. Ahmed Galal , agreed to directly distribute the restdues of the sugar companyand complementary industries, it provided the amount of  EGP 186.3 million, which  is the value of its dues for the last year,alongside the payment of EGP 300 million from the company’s dues for current fiscal year ,and therebyits total payments for current year deliveriesreached to EGP 900 million.
The Minister agreed on providing governmental guarantees for Supply Commodities Authority of value $ 58.1 million to Finance the import of 180, 000 tons of wheat , so it raises the total governmental guarantees value and financial sums availed to the Authority to EGP 12.4 billion used in financing the import of 2.505 million tons of wheat , 494, 000 tons of cooking oil and 135, 000 tons of local oil beside paymentof peasantryrest dues on wheat supply for 2013 season, and payment of new installments of suppliers dues of value EGP 300 Million.
Within government efforts tomitigate current crisis effects on Tourism Sector , Minister of Finance agreed on availing EGP 165 million of theSector allocated subsidy value in current General Budget to supportthe appropriations of  Ministry of Tourism in order to finance its different promoting activities in Egypt.
Also, Ministry of Finance provided Ministry of Petroleum with 225 Million EGP within the project of gas extension to houses; whereas gas companies completed from gas extension to about 118.4 thousands of housing units during October and November of  current year. So, total funding provided by Ministry of Finance  reaches 481 Million EGP; the number of executed units during the first five months of current fiscal year is more than 237 thousands of housing units of 800 thousands units, that the government plans to extend gas through the current fiscal year.
On other hand, Minister of Finance agrees on providing 125 Million EGP to Ministry of Commerce and Industry to strengthen allocations of Industrial Training Council and direct it to the National Project of Training for Employment, accordingly it contributes in training more young men and women to meet available job opportunities in industry sector, besides providing 1.5 Billion EGP from economy stimulus package to accelerate introducing  facilities to 35 industrial areas affiliated to 23 governorates in Egypt.
The Minister said that Industrial Development Authority affiliated to Ministry of Commerce and Industry will receive this amount to complete introducing facilities to meet the incremental demand from investors on industrial lands with facilities. He mentioned that the priority is for the projects which are ready to start immediately, and this contributes in providing more job opportunities, especially to the sons of such governorates incorporate industrial areas.
The Minister asked the Industrial Development Authority to prepare a detailed statement of land plots and their locations that are ready for offering, along with identifying the areas that are being facilitated in different governorates, and progress percentage of introducing different facilities, the required funding program till a full completion of facilities to all areas, so that Ministry of Finance can provide the required funding in specified timing.
Regarding the developing Railway level crossings, the Minister of Finance agrees on providing 355 Million EGP that represents half of Railways Authority appropriations in the additional allocation in the current general budget. This targets strengthening Ministry of Transport efforts in the area of level crossings development, which currently they are finalizing the implementation schedule and counting number of level crossings that need development all over governorates.
To support the cleanliness system in Cairo and Alexandria governorates, the Minister of Finance agrees on providing 43.5 Million EGP to support the system in both governorates, 20 Million EGP of which to Cairo, and 23.5 Million EGP to Alexandria.
Minister of Finance agrees on strengthening allocations of the Supreme Press Council with 11.5 Million EGP to absorb the new press entrants recently, besides funding technology allowance for this December and bonus of 30% to all employees in national, party, and independent newspapers, subsequently the total of amount provided to the Supreme Press Council during the first half of the current fiscal year is about 68.5 Million EGP.
Source: Ministry of Finance

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Minister of Finance, Dr. Ahmed Galal:EGP 5 billion for ration sugar subsidy bill for last fiscal year