Egypt's FEC, TRAIN partner to support food exporters    Spot Gold, futures slips on Thursday, July 17th    Egypt's EHA, Huawei discuss enhanced digital health    Egypt expresses condolences to Iraq over fire tragedy    Egypt, Oman discuss environmental cooperation    Egypt's Environment Minister attends AMCEN conference in Nairobi    At London 'Egypt Day', Finance Minister outlines pro-investment policies    Sukari Gold Mine showcases successful public–private partnership: Minister of Petroleum    Egypt's FRA chief vows to reform business environment to boost investor confidence    Egyptian, Belarusian officials discuss drug registration, market access    Syria says it will defend its territory after Israeli strikes in Suwayda    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Sri Lanka's expat remittances up in June '25    EU–US trade talks enter 'decisive phase', German politician says    Egypt's Health Min. discusses drug localisation with Sandoz    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    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.



Pensions have not been squandered, says Ministry of Finance
The Ministry of Finance denies squandering pension funds; LE303.4 billion, the ministry says, finance over 60 per cent of pensioners
Ahram Online Published in Ahram Online on 07 - 10 - 2011

Egypt's Ministry of Finance has denied news reports that LE436 million of the country's social insurance and pensions funds disappeared.
In an official statement the ministry said that in FY2006/2007, the treasury started issuing notes covering the larger part of insurance money, priced at 8 per cent. The government pays interest dues amounting to LE17 million annually in cash to the social insurance fund.
Before FY2006/2007, when the government began borrowing social insurance and pension funds, the money was invested in the deposits fund at an interest rate of 4.5 per cent, with the resulting funds financing social and economic projects via the National Investment Bank.
When it transpired that the social Insurance and pension fund did not have sufficient liquidity to cover its commitments, however, the government borrowed the money at a the higher pricing rate. Total monies in the fund amount to LE303.4 billion, out of which LE240.9 is held with the government and LE62 billion with National Investment Bank.
The ministry indicated that the government covers a large portion of the monthly payments pensioners receive, because actual subscription only covers 40 per cent of total payments.It added that the government has reimbursed the pension fund with LE217 billion over the past six years: LE128 billion in the form of direct support and LE89 billion in interest payments.
In mid-September, Egypt's finance minister made a formal request to the Central Auditing Agency (CAA) to investigate allegations regarding the use of social insurance funds in government spending.
Recent media reports have accused the government of unlawfully confiscating social insurance funds to use in its annual budget. The government is also accused of inefficiently investing the funds.
http://english.ahram.org.eg/News/23567.aspx

Clic here to read the story from its source.