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Government requested to form committee monitoring loans and grants

Monday 25 June 2018 07:56 PM

MP Amr Ghallab
MP Amr Ghallab

By Yasmeen Fawaz

House of Representatives' Economic Affairs Committee chaired by Dr. Amr Ghallab urged the the Egyptian government to form a committee for managing and monitoring the expenditure of loans  and grants Egypt receives  in order to avert squandering 0.25% allowance per day.
The plea came in the wake of yesterday's ratification of Presidential  Decree No. 180 year 2018 approving a loan agreement with the African Development Bank worth EUR500mln.
Yesterday's discussions in EAC tackled objections voiced by members over delaying the disbursement of the loans costing  Egypt the daily allowances.
" The Egyptian government lacks a clear blueprint and feasibility study for making use of the loans and grants in bolstering development and productivity without restricting them to paying  salaries or buying basic commodities," said undersecretary of EAC Medhat El-Sherif.