Finance Min. Directs Concerned Authorities to Protect Public Money

The Minister of Finance Mohamed Maait directed the maximization of the efforts of the “protectors of public money” from the directors and financial controllers in the administrative authorities, in decisive legal dealings in coordination with all the concerned authorities against any attempts to harm the rights of the public treasury, and any violations revealed during the recent inspections and examinations, both in the two systems of procedures expenses or revenues.

The ministry said in a statement on Friday that the minister's directive based on the final accounts and inspection reports for the accounts sector and financial directorates.

Maait referred to the strengthening of awareness-raising efforts in the administrative authorities; in a manner that contributes to spreading the culture of preventive measures against harming public money, and helps to avoid falling into related financial or administrative violations, in a manner that leads to the application of the best methods to consolidate the values ​​of integrity and transparency, and is consistent with the application of electronic financial and accounting systems “GFMIS - GPS - TSA” to tighten control over exchange and raise the efficiency of public spending.

The minister reviewed the efforts of the accounts sector and financial directorates in strengthening the governance of the expenditure and revenue procedures systems in various administrative authorities, which aim to establish financial discipline and rationalize public spending.

He stressed the importance of maximizing the benefit from the reports of the “financial inspection” men affiliated with the accounts sector and financial directorates, who play a vital role in following up the financial work and implementing the state’s general budget in the administrative authorities, in accordance with the recognized technical and professional procedures and methods and the rules of sound practices followed in the areas of inspection on Units of the state's administrative apparatus.

He also emphasized the observance of international auditing standards; this is to ensure the integrity of procedures, follow up on the collection of the state’s right of revenues, and the effectiveness of its expenditures in a manner that directly contributes to achieving financial control, ensuring the reduction of the state’s general budget deficit, and supporting efforts made for structural reform of the Egyptian economy.