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Egypt Issues New Unified Law for the General Budget

Ministry of Finance in Cairo, Egypt (File Photo: Reuters)
Ministry of Finance in Cairo, Egypt (File Photo: Reuters)
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Egypt Issues New Unified Law for the General Budget

Ministry of Finance in Cairo, Egypt (File Photo: Reuters)
Ministry of Finance in Cairo, Egypt (File Photo: Reuters)

Egypt’s Minister of Finance Mohamed Maaet announced Sunday that a draft unified law for the general budget and government accounting has been completed and is ready for submission to the cabinet and parliament during its next session.

Maaet said in a press statement obtained by Asharq Al-Awsat that this draft law applies a “program performance” budget, which helps rationalize public expenditure and entrench the concepts of accounting and accountability.

“In addition, it helps outline the budget for better financial planning and put a future vision for financial performance of the state’s administrative institutions,” he said.

He explained that the new law was drafted in the light of international experiences in drafting, executing and monitoring the budget, taking into account the digital transformation that Egypt has recently witnessed and current financial legislation.

He added that there are many motives behind the drafting of a unified law for the budget and government accounting, pointing out that there are two laws governing the financial performance in Egypt.

These laws had been amended several times. However, it became evident that they do not meet the changes in the budget, especially in light of recent developments and the transition to mechanized systems.

The draft law aims to remain flexible in applying the budget, while maintaining the financial allocations for reuse in the following years, if circumstances prevent disbursement during the “adoption year” based on governing controls.

Over the next three years, the government aims to gradually reduce the debt-to-GDP ratio to reach 77.5 percent by the end of June 2022. It also wants to achieve average annual growth rates of at least 6 percent, and a sustained initial annual budget surplus of around 2 percent.

The fiscal year 2012-2022 will see a decline in debt-to-GDP ratio to less than it was during 2011, according to a statement by the Ministry of Finance.

It explained that the government succeeded in reducing the ratio from 108 percent at the end of June 2017, to 98 percent by the end of June 2018, then 90.5 percent by the end of June 2019.

The target is to reach a ratio of 82.5 percent by the end of June 2020 and 77.5 percent by the end of June 2022.

The statement pointed out that the Ministry diversifies its funding sources between instruments and local and foreign markets.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.