Parliament calls for incorporation of private funds in state budget

A report issued on Monday by the People’s Assembly Budget and Planning Committee called for incorporating private funds into the state budget to better monitor the way they are spent.

The report said Egypt has witnessed political, economic and social corruption in all realms over the past 30 years, state-run newspaper Al-Ahram reported.

One of the key manifestations of this corruption, the report said, is how private funds were used to serve the interests of Mubarak regime figures and their supporters.

The report issued by the committee, led by Freedom and Justice Party member Saad al-Husseiny, put the total amount of money in those funds at LE1.3 billion.

The report said private funds were not properly monitored, and part of the money in them was given as bonuses to employees who are not connected to these accounts.

Some institutions used those accounts for purchases, and some of the funds were invested in failing companies, the report said.

The report said the funds need to be monitored by the Central Auditing Organization and spent toward achieving social justice.

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