Finance Ministry: LE420.5B paid back to social insurance authority

CAIRO - 4 January 2022: Finance Minister Mohamed Maait said Tuesday that the Public Treasury had, over 30 months, repaid LE 420.5 billion  to the National Authority for Social Insurance as per an agreement to resolve financial entanglements signed with the Social Solidarity Ministry three years ago.

 

The deal had been sealed with the aim to pay accumulated dues owed to social funds over a period of 50 years.

 

The agreement had clearly stressed the necessity of securing financial liquidity to serve pensioners and their beneficiaries, as well as persons covered by insurance.

 

The Finance Ministry is acting to continue paying all overdue debts to the National Authority for Social Insurance, Maait said in a statement Tuesday.

 

He said that another LE 180 billion  have been allocated for paying some of the debt this year, adding a total of LE 510.5 billion would be repaid to the authority by June 2022.

 

The Public Treasury should pay some LE 45 trillion back to the National Authority for Social Insurance over a period of 50 years that started in 2019, when the agreement to resolve financial entanglements was signed, the minister made it clear.