CAIRO – Egyptian Minster of Finance Mohamed Maeet said Sunday the government is committed to implementing an agreement to resolve financial issues with the National Authority for Social Insurance, despite severe pressure on the state’s general budget.
In a statement issued by the ministry, he said despite the repercussions of global crises resulting from regional and international geopolitical tensions, the government is committed to repaying its dues to the National Authority for Social Insurance.
State treasury paid more than 818 billion pounds to the National Authority for Social Insurance within 55 months, since the signing of the dissolution agreement with the Ministry of Social Solidarity in September 2019, to pay the insurance fund dues accumulated over 50 years.
In light of the Social Insurance and Pensions Law No. 148 of 2019, the government is committed to the provision of the necessary financial liquidity to serve pensioners, their beneficiaries, and to fulfill all obligations.
The minister said the government will support the pension system with an amount of 202 billion pounds during the current fiscal year, explaining that it will continue to transfer the financial amounts stipulated in the Social Insurance Law to support pensions.
State’s public treasury will transfer 46 trillion, and 478.9 billion pounds to the National Authority for Social Insurance by 2050, he concluded.
