In a decisive move following his re-election, Egyptian President Abdel Fattah al-Sisi has wielded his executive authority to endorse significant revisions to the Unified Public Finance Law. This pivotal development, cemented by a decree unveiled in the Official Gazette on April 2nd, marks a transformative juncture in Egypt’s financial landscape.
Among the notable alterations is the integration of the Finance Government into the legal framework, a strategic maneuver aimed at bolstering administrative efficiency and fortifying fiscal oversight. Furthermore, the revised law extends its purview to encompass a staggering array of 59 economic entities, a move elucidated by Minister of Finance Mohamed Maait in an earlier announcement.
The groundwork for these sweeping amendments was laid on February 19th when the cabinet greenlit the proposed changes, signaling a collaborative effort to navigate Egypt towards a more resilient and dynamic economic trajectory.
President El-Sisi’s decisive action underscores a commitment to adaptability and progress, heralding a new era of governance poised to address the evolving needs and aspirations of the Egyptian populace. With these reforms firmly in place, Egypt stands poised to navigate the currents of global economic flux with renewed vigor and confidence.
