Cairo – Mubasher: Egypt’s Ministry of Finance (MOF) aims to raise 90% of revenues in the country’s general budget electronically by the end of the current fiscal year, according to vice minister of finance for treasury affairs Mohammed Maait.
The MOF is currently raising about 40% of the country’s total revenues electronically, Maait said, on the sidelines of the ministry’s press conference on Tuesday.
Maait added that 25% of the calculation units are now connected to Treasury Single Account (TSA) banking system at the Central Bank of Egypt (CBE) expected to be finalised in March 2018.
He mentioned that the TSA system is set to be completely finalised by the forthcoming November.
After the completion of this scheme, dealing with paper cheques will be out of circulation in government entities and will be substituted with E-payment, he indicated.
This move aims to “boost fiscal and accountancy reform, to upgrade the performance of the public administrative units, and to enhance transparency, accountability, efficiency and cost-efficiency of public services,” according to a statement by MOF.
This comes as a part of the ministry’s plan to apply the Government Fiscal Management Information System (GFMIS) within the State's administrative body, in line with activating the new E-payment system, payroll and the different payment orders executed by the various accounting units.
