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PM heads Settling Financial Entanglements Committee

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The Prime Minister Sherif Ismail presided today the committee on settling financial entanglements between ministries and governmental entities. The meeting was held with the attendance of Ministers of Planning, Social Solidarity, Justice, and deputy Finance Minister for the Public Treasury and Vice President of the National Investment Bank.

The meeting discussed financial entanglements between Social Insurance Fund, Finance Ministry, and National Investment Bank, and  reviewed a report on the first phase of auditing the debts which approved the amount of 56 billion EGP, as debt due on the Ministry of Finance to the favor of Pension and Insurance Funds. The Prime Minister directed that a protocol should be signed between the Finance Ministry and Social Insurance Authority to schedule the debt and  that the Ministry of Finance should settle its  overdue financial obligations for the Pensions Funds, thus assisting raising  the Fund's capacity to fulfill its annual obligations which estimated reach the amount of 135 billion EGP for this fiscal year.

Prime Minister instructed on the necessity of quick termination of the Social Insurance and Pensions Draft law to reform pensions and social insurance system, the draft is expected to be presented to the Cabinet of Ministers in March 2017, he also instructed forming a working group that will come out with a final plan to speed up the process of settling entanglements between the National Investment Bank, Insurance and Pensions Funds, Ministry of Finance and public sector entities.

With regard to the overdue debt on a number of tourism companies in favor of Social Insurance Fund, the Prime Minister has approved continuing the current procedures applied by the Ministry of Social Solidarity to reschedule these debts, in order to relieve burdens on these companies.

It was also decided during the meeting that the repayment of debts due on national press institutions in favor of the Social Security Fund will be reviewed after the formation of the Supreme Council for Media, the National Media Authority and the National Press Authority.