Economics

State entities to stop issuing paper checks by November-end

CAIRO – 26 November 2017: Minister of Finance Amr el-Garhy issued orders to finish the application procedures of the Government Fiscal Management Information System (GFMIS), which includes electronic payment and collection of state revenues and expenditures.
In a Sunday statement, Garhy said that the system targets tightening the monitoring on state accounts and halting the use of paper checks, which will help the ministry to follow-up on revenues and spending on a continuous basis.
Vice -Minister of Finance for Treasury Affairs Mohamed Maait added in the statement that all government institutions shall commit to stopping paper checks issuing by November 29, as it will be completely stopped as of December 1.
Various sub accounts of different administrative bodies will also be closed and they will all be integrated with the Treasury Single Account (TSA) banking system at the Central Bank of Egypt (CBE), Maait noted.
The application of the GFMIS comes as part of the Ministry of Finance's plans to boost fiscal and accountancy reform, to upgrade the performance of the public administrative units and to enhance transparency, accountability, efficiency and cost-efficiency of public services.
The E-payment and ATM systems are to be automated and integrated with the TSA banking system at the CBE.

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