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Parliament asks finance ministry to explain special funds categories

Wednesday 25 July 2018 02:29 PM


By Yasmin Fawaz:
The budget and planning committee at the House of Representative, chaired by Hussien Essa, has requested the ministry of finance to provide it with an explanatory memorandum on categories of special funds, to which a draft law, to deduct a percentage up to a maximum of 15% of its surplus for treasury, is applicable.
In its meeting yesterday, the committee rejected the proposed percentage of 25%, and decided to replace it with 15% as set last year.
The draft law is scheduled to be discussed during today’s general session to be approved before parliamentary break commencing next week.
The bill aims that a percentage of the balances of special funds and accounts as well as units with special nature shall devolve on the public treasury.
The deducted amounts must be paid to the central bank within 15 days at most from the next month.