Egypt's market close varied on Tuesday    Egypt receives second monkeypox case    European markets advance on Tuesday    EFG Hermes Holding, GB Capital launch Kaf    Egypt ready to build up international centre for storage, supply and trade grains – minister    Liz Truss to relax immigration rules to boost UK economy    Egypt launches automated vaccine cold storage at VACSERA    Apple to hike App Store prices in Egypt and other countries in Asia, Europe    Dior new pre-fall men collection to take place for the first time in Egypt    Three possible scenarios as Egypt's central bank governor resigns – MP    Adele is living a love story, wants to be a homemaker    In Photos: Egypt swears in 13 new ministers after major Cabinet reshuffle    Egypt's Sisi names 13 ministers in Cabinet reshuffle    Spain: prosecutor seeks 8 years sentence for Shakira over tax evasion    Egypt: Alamein Art Festival kicks off a collection of recycled installations    John Legend enjoys family trip in Egypt    Egypt's athlete Basma Emad wins bronze in weightlifting in Mediterranean Games    Noura Al-Mutair – first Gulf female boxer in World Championships    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Finance Ministry cooperates with CPA to prevent harmful practices in public contracts
Published in Daily News Egypt on 01 - 12 - 2021

The Ministry of Finance has said that the government is keen to create a healthy legislative environment to enhance investment, encourage the public-private sector integration, and support the competitiveness of micro, small, and medium companies.
In a statement, the ministry pointed out that there is continuous follow-up to the implementation of the law regulating public contracts; in order to ensure the efficient distribution of the state's economic resources, reduce any practices that harm public money, and contribute to alleviating the burdens on the state's general budget through the state's administrative authorities obtaining their needs at a lower cost and higher quality.
The Ministry of Finance stated that the Law "Regulating Public Contracts" and its executive regulations aim to consolidate the principles of adherence to standards of transparency and governance, freedom of competition, investment promotion, balanced geographical, sectoral and environmental growth, and the prevention of monopolistic practices, taking into account financial and commercial balance and protecting the opportunities of emerging companies that may be affected.
Maged Younes, head of the General Authority for Government Services, said that a periodical book was issued, in coordination with the Competition Protection Agency, that includes guidelines that contribute to setting the necessary mechanisms to implement the provisions relating to competition protection in the Public Contracts Law and its executive regulations, and highlighting the integration between the Public Contracts Law and the Law on the Protection of Competition and completing the electronic link between the Competition Protection Agency and the administrative authorities; in order to ensure the provision of rapid support in a manner conducive to the reduction of monopolistic practices.
He added that the main objective of cooperation with Protection of Competition is to protect markets from monopolistic practices that limit consumer choice between the best products and services and obtain them at the lowest possible prices, and also to protect government agencies from monopolistic practices that threaten the efficiency of contractual operations, and lead to depriving them of obtaining products at the lowest prices and the best quality, noting that these guidelines aim to develop the skills of procurement officials in government agencies and expose any harmful practices to public money.

Clic here to read the story from its source.