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Wednesday, 13 November 2019

EGP 1.3 trillion allocated for insurance funds within 7 years: Social Solidarity minister

MENA , Tuesday 3 Sep 2019
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Egypt's Minister of Social Solidarity Ghada Wali and Minister of Finance Mohamed Maait held a joint meeting on Tuesday to reach an agreement on settling disputes and paying back debts due to insurance funds in light of the social insurance law no. 148/2019.

The social solidarity minister said the meeting reflected the two ministries’ seriousness about the immediate application of dispute settlement provisions in the new law, which include restoring pension funds.

Wali said they agreed during the meeting on a timeline to pay back due installments to pension funds in addition to payment conditions.

The due installments within the coming seven years are estimated at EGP 1.336 trillion, she revealed.

Preparation is underway for a cooperation protocol between the two ministries, she said, noting that the protocol is to be submitted to the Cabinet next week to be signed in the presence of the prime minister.

'The state's treasury will continue supporting pension funds with sums totaling EGP 45 trillion in the coming 50 years', she added.

Meanwhile, the finance minister said a sum of EGP 160.5 billion will be disbursed from the state's treasury to insurance funds by the end of the current fiscal year. 

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