The Ministry of Finance has responded to the request by Parliament’s Planning and Budget Committee to provide additional financial resources to the Ministry of Youth and Sports worth EGP 79.3m, and to the Central Agency for Organisation and Administration (CAOA) worth EGP 22m.
Member of Parliament (MP) Silvya Nabil, who is also member of the Planning and Budget Committee, said that the Ministry of Finance has responded to the recommendations of the committee regarding providing additional financial resources to both bodies in fiscal year (FY) 2017/2018.
Daily News Egypt learned that the Planning and Budget Committee has formed four subcommittees, including a committee to follow up on the government’s implementation of the recommendations given to it regarding FY 2017/2018.
Nabil said that these amounts to be provided by the Finance Ministry will be distributed in phases, not at once.
Adel Radwan, chairperson of the Central Administration for Sports Investment in the Ministry of Youth and Sports, said in an earlier statement to Daily News Egypt that the allocations of the Ministry of Youth, which are EGP 400m in the state’s budget for this fiscal year, will have EGP 380m from them allocated for the implementation of 16 projects affiliated with the Central Administration for Sports Investment, in addition to EGP 20m to develop some youth centres.
An official in the Finance Ministry said that the additional financial resources will be provided in accordance with the expenses required by the entities to be provided with the amounts.
“These amounts will not be provided in one go. They are obtained through treasury bills and bonds by the CBE for the Ministry of Finance, and this is done to avoid the debts on the public treasury at the end,” he added.
He said that the Finance Ministry is committed to all the recommendations issued by the plan and budget committee this fiscal year to provide additional amounts to some government agencies.