Egypt’s finance minister has made a formal request to the Central Auditing Agency (CAA) to investigate recent allegations regarding the use of social insurance funds in government spending.
Recent media reports have accused the government of unlawfully confiscating public social insurance funds and using them in its annual budget. The government is also accused of inefficiently investing the funds, which resulted in their squander.
Hazim El-Biblawy said that his request comes as a step in the government’s efforts towards establishing transparency and fighting corruption.
He added that as the issue of social insurance funds is becoming controversial, he chose to put the matter in the hands of CAA due to its solid reputation. El-Biblawy also requested the CAA be speedy in announcing its investigation results to appease the public.
Social insurance is a very sensitive issue in the Egyptian socio-political sphere as it extends to a vast majority of the Egyptian population.
The minister of finance has recently been appointed to head the National Authority for Social Insurance.