Egypt allocates $80.8bn for insurance funds in 7yrs- minister

Egypt has allocated 1.336 trillion Egyptian pounds ($80.8 billion) for insurance funds within a seven-year timeframe, said Social Solidarity Ministry Ghada Wali on Tuesday.

Ghada Wali held a meeting with Finance Minister Mohamed Maait o 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 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.

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

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 45 trillion pounds for the next 50 years”, she added.

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

Source: MENA