The budget committee report on the public finance accounting law has been approved by the People’s Assembly.  Minister of Finance Dr. Youssef Boutros Ghali said the project is an attempt to balance th...

The budget committee report on the public finance accounting law has been approved by the People’s Assembly.  Minister of Finance Dr. Youssef Boutros Ghali said the project is an attempt to balance the budget and re-draft government spending.  Dr. Ghali said the law aims at setting up a single treasury account in the Central Bank to deposit government revenues without upsetting the privileges of each accounting unit within the government system.  The project calls for the opening of an account in the Central Bank named Treasury Account to include all Ministry of Finance accounts as well as the  administrative and local government units.  The draft law forbids the opening of accounts for the administrative units, the economic and services authorities outside the Central Bank without the approval of the Minister of Finance.  (source: Al-Ahram)