Government declares war on private funds
الشروق أونلاين
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Mohamed Djellab, Algeria's finance minister. Photo: archive
Government started in reducing a number of special customization accounts (special funds), Finance Minister, Mohamed Djellab, said in response to the concerns of the House of Representatives, which were raised during the discussion of the draft budget law.
He revealed on the strategy to liquidate the accounts, which does not invest their money.
“Government has managed to reduce the number of special funds to 67 in 2013, after they were in the range of 75 in 2011, while they should be reduced to only 55 in 2016.”
Special funds raise concern of the MPs, who have long criticized their inability to monitor the performance and money of these funds, which spark a large controversy, let alone checking out their financial allocations, and aspects of their exchange.
Finance Minister explained the government’s strategy to reduce the special funds, pointing out that the special account, which does not record any movement of money within three years, will be closed and its money will be poured at the public treasury, as the matter will be postponed for a year which is enough to take the required precautions.
Revenues fund is the most important and largest private fund, and was established under a provision in the Finance Act of 2000, and was allocated to receive the petroleum levy in excess of the reference price for a barrel that is set in the financial laws, as was decided that these money will be directed to repay the Treasury Deficit and repay foreign debt (that the country ended), as well as repayment of the budget deficit.
