The House of Representatives discusses the Unified Financial Law project this Saturday.

Translated by Sama Marwan,

The report highlights the government’s proposal to amend some provisions of the Unified General Financial Law issued by Law No. 6 of 2022.

The aim is to enhance public financial performance in line with international standards, requiring legislative, accounting, technical measures, and cooperation among state agencies to reduce government debt promptly.

The project includes necessary provisions for calculating general government budget indicators, setting an annual ceiling for government debt, and transforming economic entities’ data for gradual improvement in public finance indicators.

The report outlines the technical and legislative measures taken in preparing the Unified Financial Law, emphasizing the classification of economic entities based on economic activities for gradual budget integration.

The law relies on this classification for phased integration, ensuring general financial improvement, particularly in government revenue, GDP, and government debt. Meetings with the Central Accounting Agency experts discuss budget proposals and economic entities’ data transformation.

The report mentions a letter from the Central Accounting Agency agreeing in principle with the Ministry of Finance’s proposal, suggesting a joint committee for study and approval. Legislative measures involve adding articles to the Unified General Financial Law of 2022, calculating financial indicators based on the government’s budget, setting an annual ceiling for government debt, and making amendments for fiscal sustainability.

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