72 Days
Source:
المصري اليوم
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Peter Gaboly Reveals Details of the Social Insurance and Pensions Funds Crisis During Mubarak’s Era
Dr. Youssef Boutros-Ghali, the former Minister of Finance during President Hosni Mubarak's era, revealed details about the pension and insurance funds crisis during his tenure. He explained that Egyptian law prohibited investing pension funds outside the country and that these funds were not used illegally. He pointed out that the economic crisis resulted from market pressures related to currency collapses in Southeast Asian countries. At that time, he suggested using a portion of the surplus funds from pensions to temporarily support the stock market, managing these funds through specialized companies. This approach achieved an average annual return of 23% over many years. The article also discusses current economic challenges, especially the high level of debt, which accounts for 65% of expenditures. It affirms that the solution lies in increasing income and achieving sustainable economic growth. The piece commends the economic reforms undertaken by Egypt under President Sisi, emphasizing the importance of making tough decisions to achieve stability and growth.
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