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Questions and Answers
What is the first step in the preparing stage of the state's general budget?
During which months do ministries submit their estimated budgets to the Ministry of Finance?
Which entity is primarily responsible for preparing the draft general budget?
What happens in June regarding the budget process?
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What role does Parliament have in the budget process?
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What is the purpose of the participatory budgeting implemented by the Ministry of Finance?
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When does the fiscal year begin in Egypt's budget process?
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What does the Central Audit Agency do in relation to the state budget?
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Study Notes
The Stages of Performing the State's General Budget in Egypt
- The annual state budget cycle consists of four main stages: preparation, ratification, implementation, and final accounts.
- The Ministry of Finance (MOF) plays a crucial role in preparing the budget and overseeing financial performance.
- The fiscal year in Egypt runs from July to June.
- The budget preparation stage involves:
- The MOF issues a budget circular in September/October to guide ministries.
- Ministries submit their estimated budgets to the MOF between October and December.
- The Executive Branch prepares a budget proposal and submits it to Parliament between December and March.
- Parliament ratifies the budget after adjusting appropriations as necessary.
- The final accounts stage begins in June, with the closure of books and the submission of financial reports to the Central Audit Agency (CAA).
- The CAA audits the reports and submits its findings to Parliament for approval.
Efficient Entities in the State's Budget
- The Ministry of Finance (MOF) is responsible for preparing the draft budget, final accounts laws, and quarterly reports on financial performance.
- The Ministry of Planning, in coordination with the MOF, prepares the investment draft budget for state entities.
Other Entities Involved in the Budget Process
- Parliament:
- Ratifies the draft general budget and makes needed adjustments to entity appropriations.
- Approves financial appropriations throughout the fiscal year.
- Follows the implementation of the budget and approves the final accounts.
- Central Audit Agency (CAA):
- Examines and audits financial results of budget implementation for various entities.
- Prepares accounting reports on budget implementation outcomes.
Citizen Participation
- The Ministry of Finance promotes participatory budgeting to increase public awareness of government plans and financial policies.
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Description
Explore Egypt's annual state budget cycle through its four main stages: preparation, ratification, implementation, and final accounts. Understand the crucial role of the Ministry of Finance and how the budget is prepared, adjusted, and audited before being finalized. Delve into the specifics of the fiscal year and the timeline of budget activities.
