Minister of Finance Dr. Ahmed Galal: LE 1.5 million to pay off arrears of public entities to contracting companies and suppliers
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- LE 560 million to railways authority and LE 300 million to raise the efficiency of power plants and LE 150 million to supply commodities.
- LE 256 million to the ministry of petroleum after connecting natural gas to 120.000 housing units.
Ministry of Finance availed about LE 1.442 billion to Ministry of Planning, Petroleum, Military production and Administrative Development, most of these appropriations are designated for payment of these entities’ arrears, such appropriations are granted within the government’s plans to activate the economy and to pay construction sector’s arrears sooner, as it is one of the main growth engines which depend on the activity of more than 70 industries and crafts, as well as the arrangement of the country’s needs of basic commodities.
Minister of Finance stated that the most important financial appropriations is the amount of LE 1 billion to Ministry of Planning represented as the national investment bank including LE 558 million pounds to pay investment dues to contractors and suppliers of National Authority of Railways and LE 300 million to the electricity holding company’s foreign partners, to raise the efficiency of power plants and LE 142 million for military production companies.
He explained that these amounts are the first installment of construction companies’ dues with these entities in addition to other public entities, pointed out that the inventory committees of construction companies arrears continue to work for counting any other dues to be paid sooner, whereas the government attaches special significance to this file to support construction companies and help them to continue.
Minister of Finance disclosed the transferring of LE 256 million to Ministry of Petroleum and Mineral Wealth to finance supplying natural gas program to about 800.000 housing units instead of butane gas cylinders, pointing out that this amount will be used to pay off the dues of supplying natural gas companies owing to executed works during July till September of the current fiscal year, where supplying natural gas has been already completed to about 120.000 housing units.
The minister said that the availed financial appropriations also include LE 150 million for General Authority for Supply Commodities (GASC) to pay part of its obligations to suppliers and also supply grocers bringing the total amounts transferred from Ministry of Finance to GASC for this purpose only to about LE 300 million since the beginning of the current fiscal year, beside of allocated amount of LE 36 million to Ministry of Administrative Development to pay companies’ dues of operating and maintenance of machines of supply commodities distribution by smart cards for the months of July and August pending a review of the dues of these companies for the period of the first five months of the current fiscal year.

