Today Egypt has officially joined the JP Morgan Index for the government bonds of emerging markets (GBI-EM) after consistent efforts and debt issuance and market reforms for almost 3 years


-This inclusion confirms the confidence of the foreign investment community of Egypt’s improved fundaments and that Egypt is being put on the international radar as an investment destination.


-Today Egypt’s weight in the index is around 1.85% representing 14 Egyptian Bonds with a total value of around USD 26 billion.


-Egypt today has joined the JP Morgan Index for ESG’s with a weight of 1.18%, based on our green bonds.


-90% of the investors in the consultation voted for the inclusion of the Egyptian market



Dr. Mohamed Maait, the Minister of Finance, announced that Egypt has joined the JP Morgan GBI-EM Global Diversified Index with a weight of 1.85% as of the 31st of January 2022 representing 14 Egyptian Bonds with a total value of around USD 26 billion with an average yield of 14.9% and duration of 2.9 years.


His Excellency explained that Egypt has joined the watch list of the JP Morgan Index in April 2021 as a preliminary step before the index inclusion, whereby most investors surveyed by JP Morgan team during 2021 confirmed that they were able to access the market and transact bonds and FX without any hurdles. As a result, 90% of the investors in the consultation voted for the inclusion of the Egyptian market, which came as another reassuring factor that Egypt is conforming to international standards.


Dr. Maait added that the Index inclusion is considered a milestone regarding debt management reforms and the Ministry of Finance team has been working on this project for almost 3 years to fulfil the requirements of the Index Inclusion; such as and not limited to reshaping the yield curve, elongating the average time to maturity as well as increasing our issuance size per auction to in addition to streamlining the process of the taxation applying the double taxation treaties rates.


Ahmed Kouchouk, the Vice Minister of Finance, explained that we have been working diligently on our home-grown economic reform program that led to strong economic resilience and notable improvement in key macro fiscal indicators that also enabled us to meet the index inclusion requirements on the economic front. He added that in line with our Medium-Term Debt Strategy, the ministry of finance took many initiatives to develop the debt capital market to increase foreign investors’ participation and hence the demand which should support in lowering the cost of borrowing.


Nevine Mansour, the Adviser to the Vice Minister and the Project Manager, said that over 3 years our team at the Ministry of Finance was in continuous communication with the JP Morgan team to update and align them about all data and information related to the government debt market.


She explained that today Egypt is joining 4 indices in the JP Morgan list, namely:

1.The GBI-EM Global Diversified Index with a weight of 1.85%

2.The GBI-EM Broad Diversified Index with a weight of 1.47%

3.GBI-AGG Diversified Index with a weight of 0.24%


All based on 14 Egyptian bonds with a total value of USD 26 billion

And the 4th index is the JESG Index with a weight of 1.18% based on our green bond issuance in 2020, which is confirming Egypt’s strategy of sustainability.

“Moody’s” Kept Egypt’s credit rating at “B2” with a stable outlook for the third time respectively during the pandemic, the Minister of Finance announced

Dr Maait also declared the following:

  • A new confidence certificate is given to the Egyptian Economy to assure continuity of financial and economic policies’ success adopted by the government
  • Moody’s has negatively downgraded the credit ratings for more than 50% of the MENA region’s countries
  • Improvement of indicators and continuity of reforms helped to make the national economy more solid against shocks
  • The government’s flexible Coronavirus crisis response has sustained growth during “the pandemic” despite the sharp contraction in the tourism sector
  • Supporting structural reform agenda to improve competitive capacity of exports and broaden the base of revenues to help the economic growth to be sustainable

Deputy Minister of Finance pointed out:

  • MoF achieved strong financial indicators that exceeded the past FY estimations
  • Primary surplus recorded 1.4%, and total deficit declined to 7.4% of GDP.



The Minister of Finance, Dr. Mohammed Maait, assured that “Moody’s” Institution decision to maintain Egypt’s credit rating in both local and foreign currencies as it is at “B2” level, maintaining a stable outlook for the Egyptian economy, reflects the continued confidence of international institutions, especially the credit rating ones, in the Egyptian economy solidity, and its ability to cope positively with the Coronavirus crisis, unlike other counterpart and emerging economies.

Moreover, this decision also reflects Moody’s confidence in the Egyptian economy ability to overcome the internal and external shocks driven by the pandemic, thanks to the solidity and resilience of the frame resistant to shocks, as evident due to the government’s continued implementation of economic, financial, and structural reforms.

Furthermore, the availability of a strong and diversified domestic financing base in Egypt, the high foreign exchange reserve balance, and the government’s continued implementation of the structural economic reform agenda aimed at improving the competitiveness of exports and expanding the revenue base, as the Minister also added.

The Minister noted that Moody’s decision to keep Egypt’s credit rating as it is for the third time respectively during the pandemic represents a continuous consolidation of a confidence generated by the implemented economic and financial reforms during past years. Thus, Egyptian economy was given a great deal of resilience to fund its needs of both local and foreign currencies in spite of Coronavirus outbreak and its negative repercussions on the global economy and region economies.

At the same time which Moody’s kept Egypt’s credit rating as mentioned above, it downgraded and revised down the outlook to negative for 50 % of the MENA region’s countries.  This reflects the effectiveness and balance of economic and financial policies adopted by the government during the past years. It is proven by maintaining achievement of a primary surplus in the State General Budget through achieving savings on public expenditures and increasing the public revenues beside exceeding expectations regarding revenues from taxes. As a result, the government debt as apercentage of GDP reached to 90%, as per Moody’s institution.

The Minister pointed out that Moody’s report expected debt to decline as a percentage of GDP to about 84 % by 2024, supported by the continued achievement of primary surpluses and an increase in economic growth to approximately 5.5% starting from FY 2021/2022. This will extend the life of debt to nearly four years, continuous implementation of the debt strategy efficiently in the medium term, as it reduces the financing needs of the State General budget to less than 30 % of GDP, pursuant to the institution’s estimates, reflected in reducing debt service costs.

He affirmed that there is an importance of continued implementation of the structural reform program adopted by the government to improve the business environment through executing various structural reforms.  These reforms contribute to increase local and foreign private sector investments in all national development projects, such as infrastructure, education, and health. In addition, improving competitive capacity of the Egyptian products and increasing proceeds of non-petroleum Egyptian exports in order to improve trade balance.

The Deputy Minister for Financial Policies and Institutional Development, Ahmed Kouchouk, stated that government’s commitment to continue accelerating economic reforms, and give momentum to economic activity and growth rates was due to the preventive stimulating procedures’ package that reached to 2% of GDP to support the economic sectors and most favored categories. As a result, the economy was able to score high financial indicators exceeding the last FY estimates by achieving a primary surplus reached to 1.4% of GDP, and decreasing total deficit to about 7.4% of GDP as compared to 8% of GDP for FY 2019/2020.  He also noted that the strong performance of public finance was a result of economic performance improvement and rebound amid the precautionary  procedures against Coronavirus. In addition, reform procedures aimed at enlarging tax base and disseminate the automation procedures to improve and simplify the offered services for taxpayers and reducing tax evasion.

Mr. Kouchouk mentioned that the reforms made, and policies adopted helped to gradually decrease the debt service bill because of making the debt life extended and the interest rates for the governmental securities stabilized. Therefore, Moody’s expected that the adopted policies and continued reforms will help allocating high percentage of spending for health, education, and social protection programs.

Mr. Kouchouk indicated that Moody’s experts praised the government’s continued efforts to target reducing the public budget deficit during the fiscal year 2021/2022 to 6.7 % of GDP, while continuing to achieve a primary surplus of about 1.5 % of the GDP. The report presented the key procedures taken by the government to maintain the financial objectives, such as re-rationalizing spending, increasing allocations for health and education sectors, along with “Takaful and Karama”, beside cash transfers for the most-needy groups and supporting export. In addition, the procedures adopted by the government to widen tax base.

The report also confirmed expectations from Moody’s experts that the Egyptian economy will resume its high growth rates of about 5.5 % during the FY 2021/2022, compared to what was expected during the last FY at 2.8 % considering a positive and high expected contribution from several sectors, such as the technology and communications sector, health and government services, wholesale and retail, and agriculture

It is expected that the sectors such as tourism, aviation, transformational industries, building and construction will positively contribute to gradual easing of the restrictions imposed on travel and world trade movement.

Presidential Aging Vehicle Replacement Initiative to be given more momentum in upcoming period, Finance Minister announced.

Dr Maait also declared the following:

  • 3000 beneficiaries received their new vehicles. The State’s Public Treasury incurred EGP 73.3 million in value of the Green Incentive.
  • 17,000 new vehicles are planned to be given to beneficiaries during August 2021.
  • Government seeks to facilitate measures and to instantly settle any problems to expand the initiative’s base of beneficiaries.


Minister of Finance, Dr. Mohamed Maait, stressed that the government closely sticks to presidential directives on the presidential initiative to replace aging vehicle with new natural-gas engine ones.  Amid growing demands on the initiative, officials seek to facilitate measures for beneficiaries in response to any new appearing issues in the phase of practical application. This shall help in instantly resolving any issues related to the initiative and in expanding its base of beneficiaries.

Since the start of vehicles’ delivery in last April to the end of July 2021, 3000 citizens have received their new cars, with almost EGP 73.3 million incurred by the State’s Public Treasury in value of the Green Incentive, stated Dr. Maait.

The Ministry of Finance seeks – in coordination with the relevant different entities- to accelerate work on this presidential initiative in the coming period. 1700 new cars are determined to be delivered to beneficiaries during August 2021. This move conforms with the State’s transformation efforts to green economy, to rely more on clean energy, to localize car manufacturing industry and its feeding industries in Egypt, as well as to ease burdens for citizens by helping them have advanced and economic saving cars against credit incentives and facilities, stressed Dr. Maait.

On his part, Mr. Amgad Mounir, Chairman of the Board of Directors of the Vehicle Replacement Fund at the Ministry of Finance, and Executive Director of the said initiative, confirmed that 3,472 old cars have been scrapped so far.

In the governorates of the initiative’s first phase: “Cairo, Giza, Qalyubia, Alexandria, Suez, Port Said and the Red Sea”, 217 requests were received to replace aging microbus cars with new ones powered by natural gas. Requests were submitted through presidential initiative’s website:  Moreover, 301 requests were submitted for cars at Port Said free zone since the opening of registration for cars at Port Said free zone within the framework of the initiative on July 4, 2021, stated Mr. Mounir.

The entities participating in the initiative, namely the government, the banking sector, car manufacturing companies and insurance companies, all are keen to resolve any issues encountered by the citizens wishing to join the initiative and to offer them relevant facilities, in particular: facilitating credit inquiry banking procedures, to reduce the time required for issuing final approvals on car financing. In addition, limiting cases of applications’ refusal due to failure in finding references of the registered home address or workplace, through customizing fields in the initiative’s electronic website for registering additional data as related to workplace, current domicile, net income, and land phone line, added Mr. Mounir.

In the same context, official spokesman of the Vehicle Replacement Initiative at the Ministry of Finance, Mr. Ahmed Abdul Raziq, noted that applicants, who are wishing to be involved in the said initiative, and whose requests’ requirements are not fully met, were notified via text messages that unless they complete their data and any required procedures before end of August 2021, their requests shall be cancelled.

Mr. Abdul Raziq confirmed that the initiative’s support team replies with high consideration to any inquires received from citizens through both the presidential initiative Facebook page, or via the hotline “15707” for 14 hours a day.

In carrying out the presidential directives, an open budget for health sector to combat “Covid-19” and secure vaccines, Minister of Finance announced

  • Health sector’s allocations for FY 2021/2022 hit EGP 275.6 billion, exceeding its constitutional entitlement ratio
  • MoF is fully prepared for any additional appropriations during the Budget’s actual execution
  • EGP 3 billion is secured to purchase vaccines since the offering for contracting until now to immunize citizens against Covid-19
  • The Government is continuously stimulating the economic activity and is keen to deepen private-sector development partnership
  • Egypt’s economy to rise up stronger from COVID-19 pandemic
  • Egypt was globally ranked 2nd in “the Economist” Index for returning to pre- pandemic life
  • IMF: Spending Egypt’s proactive package effectively helped mitigate health and social impact of the pandemic
  • Financial and monetary easing measures contributed to maintain economic stability


The Minister of Finance, Dr. Mohamed Maait, confirmed that the health Sector’s allocations have exceeded the established constitutional entitlement ratio in the FY 2021/2022, to hit EGP 275.6 billion. This made in order to carry out the presidential directives granting top priority to preserving the health of citizens, especially against novel “coronavirus”. The Ministry of Finance is ready to manage any additional appropriations for the health sector during the actual execution of the budget, to enhance its capabilities and provide necessary funds for continue purchasing COVID-19 vaccines, the minister added.


The Minister assured that “an open budget is allowed to the health sector to combat Coronavirus and secure the vaccines… as no negligence would be tolerated as regards the Egyptian people’s health”. In addition, a sum of EGP 3 billion has been secured to purchase vaccines, since their offering for contracting so far, to ensure that the largest number of citizens is immunized against the virus, especially in light of the emergence of the fourth wave of Covid-19 in some countries. Moreover, scientific studies have confirmed the effectiveness of vaccines against any mutation of the virus, its ability to limit health impacts, and enhance citizens’ safeguarding. In addition, the returning to pre-coronavirus economic performance indicators and the expansion of vaccination were closely linked, the Minister clarified.

In the same context, the Egyptian Economy will rise up stronger from COVID-19 pandemic, thanks to the achievements of the economic reform program which contributed to enable the government to deal flexibly with the “Corona” crisis. Not only the said but also due to the allocated proactive package that includes prudent and timely fiscal and monetary easing measures, as described by the IMF, helped mitigate both health and social impacts of the pandemic, while maintaining health stability. As Egypt was one of the most effective countries in spending the economic supported packages in facing “Corona”. Consequently, the Managing Director of IMF also praised the performance of the Egyptian Economy as a successful model in economic reform, in which it continued to surpass many economies in the region to be amongst the Arab World’s largest economies in 2020, added by the Minister.

Furthermore, the Egyptian Economy ranked second globally in the “Economist” Index for the return to pre-corona pandemic life, the Minister pointed out. He noted that all Global Rating Institutions maintained Egypt’s credit rating with a stable outlook. However, these institutions downgraded the ratings and revised down to negative the outlook for more than 50% of the African and Middle East countries. This reflects the effectiveness and balance of the economic and fiscal policies of the Egyptian Government during the past years.

Finally, the Minister reconfirmed that the government is adopting policies to face the “Corona” pandemic. These policies are based on the balance between keeping the wheels of production in continued motion and preserving citizens’ health. This will be achieved through moving forward to stimulating economic activity, providing support and assistance to production and economic sectors and to the most affected categories, as well as deepening the development partnership with the Private Sector; in a manner that contributes to raise the living standards of the citizens and enhance the quality of service provided.

Accessing Customs Services through Mobile Phones is Now Available

  • Importers may add electronic sub-accounts to their customs agents at “Nafeza” e-portal.
  • Continuous coordination is maintained with all bodies to ensure optimal implementation of “Advance Cargo Information” (ACI) system
  • Starting from October 1st, 2021, entry of any inbound cargo shall be banned at seaports, except through ACI system.
  • Issuance of records for importers, exporters or agents shall be prevented, except for ACI registered members.
  • No “export support” shall be given to companies not joining the ACI and electronic bill systems.
  • Head of the Egyptian Customs Authority, at the Federation of Egyptian Industries (FEI), states: Joint committee shall be formed to facilitate joining the ACI system.

Head of Tax and Customs Committee at FEI, highlighted:

  • High appreciation expressed for the Minister of Finance for his efforts to promote positive interaction with business community.
  • We invite companies to register at ACI system to reduce time of customs clearance


“We are strongly continuing the implementation of the national project of updating and automating customs management system, according to the presidential directions to facilitate the internal and external trade flows, along with reducing the cost of importation and exportation, decreasing the time of customs clearance and price of goods and services in the domestic markets” Minister of Finance, Dr. Mohamed Maait, assured.

The national single e-portal for national trade “Nafeza” has been updated, and a new version of smart phones’ application has been developed to facilitate procedures for the business community.  Accordingly, importers and their customs agents will be able to access the customs system through their smart phones, Dr. Maait also noted.

“Importers may add electronic sub-accounts for their customs agents via the single online e-portal “Nafeza”.  Besides, companies’ delegates are allowed to create electronic sub-accounts at the e-portal; thus, helping the business community to electronically follow their consignments, the minister added.

The minister further pointed out the importance of strengthening effective communication with business community to overcome any obstacles and facilitate procedures of joining the ACI system, especially given the fact that, as of next October the first, no inbound shipments shall be allowed to enter through seaports except through ACI application.

He noted that there is a continuous coordination with line bodies of the government to ensure the optimal implementation of ACI.  Directions from the Cabinet have been issued for the General Organization for Export and Import Control to not renew or issue new records for neither the importers nor exporters or owners of industrial activity or their customs agents, except for ACI- joined companies, starting from mid-August 2021.  In addition, there will not be “export support” for the companies who did not join ACI and electronic bill systems, starting from beginning of October 2021.

In that respect, Head of Customs Authority, Elshahat Ghetory, held an open dialogue with members of the Federation of Egyptian Industries (FEI) in a seminar about customs procedures to the ACI system, assuring that “we continue holding seminars and training workshops in coordination with Misr Technology Services (MTS) for all Customs Authority’s stakeholders; whether being importers, cargo owners or customs agents.

He explained that the unified electronic platform for the domestic trade “ACI” covers more than 90% of the Egyptian imports, and will extend to Safajah, Newbie, Ismailia, and Aswan before the end of this year, hence there will be an electronic link among all custom ports.

He also added that there is a joint committee with the Federation of Egyptian Industries (FEI) to foster communication with the business community and to ensure positive interaction with them; thus, facilitating the procedures of joining the ACI system.

On his part, Dr. Mohamed El-Bahey, head of tax and customs committee at FEI, expressed his appreciation for Dr. Mohamed Maait for his kind response towards the business community’s suggestions, and for taking instant procedures to facilitate the status for business community and encouraging them to join the new system.  This positive interaction helps in raising the spirit of optimism and confidence on the part of investors.  The minster also called on companies’ owners to register through ACI system before obligatory putting it into force starting from the beginning of October 2021, so as to eventually achieve the desired objective of reducing shipments’ customs clearance time

The said seminar was attended by Dr. Mona Naser, finance minister assistant for customs’ monitoring and development; Mr. Ibrahim Elsegeny, assistant of minister of trade and industry for economic affairs; Mrs. Nagwa Shehata, head of central department of customs’ policies and procedures; Mr. Mohamed Gomaa, head of central department of trade community affairs; Mr. Waleed Hussein, general manager of technical office of the head of customs authority; Eng. Khaled Nasef Selim, consultant of head of Misr Technology Services (MTS); as well as  FEI members and stakeholders.

“Electronic budget” helps in achieving economic and developmental objectives, Finance Minister announced.

  • Instant assessment of public revenues and expenditures contributed to containing repercussions of COVID 19.
  • Government to expand “tech solutions” to ensure sustainability of the updating process of the automated financial systems.
  • MoF aims to enhance efficiency of public spending, control financial performance and promote governance at the State administrative entities.
  • Accomplishing the automation procedures of the State “Budget” preparation, execution, and control processes within the GFMIS project is a “true Egyptian success story”
  • The new FY budget is put into force since the very first day of this FY, while budget’s final accounts are closed in the last day of the ending FY.
  • Disbursement procedures for “financial enhancements” for administrative entities are being facilitated to the citizens’ benefit.
  • Automation of all budgets of economic authorities is scheduled to be completed next June.
  • A gradual transformation is underway towards a comprehensive electronic system for government financial information management (GFMIS)

Vice Minister of Finance for Treasury Affairs, Dr. Ihab Aboeish, Stated:

  • MoF is moving ahead in developing the State public finance management according to the set time schedule.

Head of E-Finance announced:

  • The E-Finance Company is proud to be the success partners in upgrading the electronic financial systems.


GFMIS Project Manager, at the Ministry of Finance, said:

  • All public bodies shall be electronically connected all together to develop a solid system of public finance management.


Minister of Finance, Dr. Mohamed Maait, stressed that the preparation, execution, and control of the State general budget through the application of the Government Financial Management Information System (GFMIS) is one of the best supporting methodologies for adopting new technology in the enhancement of the governance of the State financial system.

In the same context, this significant step shall help in achieving economic objectives, meeting developmental needs of the citizens, increasing efficiency of public spending at different administrative entities, oversighting financial performance, and tightening control over disbursement. In addition, it shall ensure not exceeding financial appropriations approved by the legislative authority, which in turns maintains debt and deficit rates and enhances national economy structure, clarified the minister.

Thanks to the “electronic budget”, the government has now the means to determine the volume of the State Public Treasury’s revenues and expenditures on an instant basis; and, hence, can accurately estimate the sound situation required to make right decisions related to the State public finance. In fact, this has been critically accentuated in times of internal and external crises and challenges, such as that of COVID-19 crisis, where the government successfully managed to address the negative repercussions of such pandemic and was hailed by international finance and credit rating institutions, added Dr. Maait.

In a workshop organized by the Minister on the means of applying GFMIS at the public economic entities, Dr. Maait stated that putting GFMIS into force at budgetary entities, of nearly 2637 accounting units, and linking it with the electronic payment and collection system “GPS” along with the Treasury Single Account “TSA”, assisted in closing final accounts of the budget which ended in the final day of the same fiscal year.

As such, the new FY budget can be applicable since the very first day of the new FY, which in turns enhances transparency and performance quality. Budget-financed entities are now able to fulfill their activities’ requirements and stick to their approved plans as per the allocated financial appropriations to enhance service quality and facilitate citizens’ access to them in different sectors.

Dr. Maait also pointed out the government’s significant efforts to multiply usage of “technological solutions” to ensure a continuous update of the automated financial systems per the latest international criteria and expertise, all within plans targeting the gradual transformation to “Digital Egypt”.

Proudly speaking, Dr. Maait demonstrated the course of applying the GFMIS system, dubbing it as ” a genuine Egyptian success story”. Thanks to efforts carried out by pure Egyptian minds and professional officials at the Ministry of Finance, the project successfully came to light. All previous concerns and challenges encountered in the pension automation project have been overcome, markin1g a new achievement to count.

Through an intensive timeline program, paper checks were canceled for all accounting units, with a total of 61 thousand account closures from December 2016 to November 2017. In parallel, work had been initiated to implement GFMIS from August 2017 to March 2018. All these procedures triggered more the digital transformation process and adoption of technology in advanced systems to control the State financial performance, he added.

In the same context, the Minister confirmed that the ‘GFMIS’ system is proved to be a successful cooperation experience with “E-Finance”, a developer of digital payments infrastructure.  By its effect, many challenges can now be addressed, and necessary measures provided to facilitate the disbursement of financial enhancements to administrative entities in a timely manner. This shall help in establishing a good governance for public funds so as to direct public expenses to the specific areas having the State’s priority and to the citizens’ benefit.


The minister also reiterated that MoF is seeking to have a sustainable development and an electronic integration among the three electronic financial systems: “GFMIS”, “GPS” and “TSA”. This process shall help exercise better governance over expenses and revenues at the administrative entities, ensure the highest level of accuracy and protection to financial operations, safeguard the State’s rights in collecting payments, best utilize financial allocations, optimize and soundly manage public resources and promote financial performance as well.

The government has embarked on implementing the Cabinet’s decision on the application of GFMIS at the economic authorities and linking it with the State general budget, stated the minister further.  All budgets of economic authorities are planned to be completely automated by June 2022, in a way that helps in exercising electronic governance over revenues and expenditures and in meeting the objectives of the State general budget.

The government is planning to have a gradual transformation to a comprehensive electronic system for managing public financial information, highlighted the minister. However, he noted that the existing system of records is still in place at the public economic authorities and operates in parallel with GFMIS until its full completion. Therefore, no electronic payment orders shall be issued except after registering disbursement forms and having them uploaded on the GFMIS system, he added.  This shall ensure having financial control as well as enhance efficiency in implementing financial procedures, exploiting public resources, and providing accurate and instant data on the public financial information. Accordingly, public entities can effectively provide their services and accurately plan for managing public cash flows in a manner that enhances financial transparency.

Same announcements are stated by Dr. Ihab Aboeish, Vice Minister of Finance for Treasury Affairs, who highlighted government’s efforts to develop the State public finance as per the planned time schedule.  The first step started by setting the required legislative framework, through preparing the General Unified Finance Law that was discussed by the Senate and referred to the House of Representatives. Following, work was directed towards establishing digital transformation pillars, providing training and technical support, and maintaining supervision through periodical electronic reports.

Dr. Aboeish has further expressed his plans to promote cooperation with the economic authorities in order to automate their budgets as of the next fiscal year, in light of the pilot implementation of GFMIS system slated to start next February. Enhancing financial governance across economic authorities is of great importance due to its significant impact on the national economy. It generally reflects and gives better image on the government’s economic activity, concluded Dr. Aboeish.

On his part, Engineer Ibrahim Sarhan, Head of E-Finance Co., hailed efforts of the Ministry of Finance in the fields of financial inclusion and digital transformation, noting its success in accurately and rapidly implementing the Egyptian government financial network through its three elements: GPS, TSA banking system and the GFMIS systems.

Eng. Sarhan also proudly stated that E-Finance is the success partner of the Ministry of Finance in the development process of the electronic systems of the Ministry and the relevant administrative entities. This is achieved thanks to establishing a highly advanced infrastructure of servers, devices, and supplies; all connected through a secure electronic network that conforms to the national and international criteria and is operated by qualified professionals.

Moreover, he remarked that the success recognized by the GFMIS in all the budgetary entities and its integration with the GPS and the TSA banking system motivated the government to extend this achievement through all the economic authorities thanks to its positive impact on supporting the Egyptian economy.

In a similar vein, Mr. Waleed Abduallah, Head of the Central Department of the Treasury Budget at the Ministry of Finance, and GFMIS project manager, illustrated that applying the GFMIS system to the State general budget aims to electronically connect all public bodies to develop a solid public finance management system. The same works to consolidate, control and computerize all public financial operations, as from budget preparation phase till its execution phase, in order to achieve financial control and efficiently exploit the State resources.

Ministry of Finance has laid down the main foundation necessary for the success of the electronic financial systems. Namely, it has enabled a legislative environment, a technological infrastructure, strong connection lines, as well as qualified staff who can professionally operate modern public finance management systems: GFMIS, TSA, electronic signature system, GPS, budget preparation system, as well as other systems for automating proceeds of revenue-generating authorities. All the aforementioned contributes to providing instant data on the budget performance and in achieving transparency and financial inclusion, highlighted Mr. Abduallah.

Concluding, Mr. Abduallh noted that given the close relationship between the State general budget and the economic authorities, that is based on amounts transferred by these authorities to the State Public Treasury, the GFMIS system is gradually being implemented across economic authorities and getting linked with the State general budget on the meantime. Therefore, automation of budgets of all the economic authorities is scheduled to be completed by June 2022, which shall enhance the electronic governance of revenues and expenditures and meet the objectives of the State general budget, he clarified.