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المصري اليوم
El-Telawy clarifies pension refund status
The article discusses the response of Dr. Mervat Al-Talawy, former Minister of Social Insurance, to the statements made by Youssef Botros Ghaly, former Minister of Finance, regarding the crisis of social insurance and pension funds, which amounted to approximately 400 billion Egyptian pounds during Hosni Mubarak's era. She confirmed that these funds have not been returned to date and that they were not invested in the international markets as Ghaly claimed. She pointed out that she had rejected proposals to invest them in the stock exchange and foreign banks, and that she had offered to purchase successful companies such as Mobinil and Egypt Aluminum to improve the financial situation of retirees, but these offers were met with rejection. She explained that the funds generated returns ranging between 4% to 9%, and that the government did not directly contribute or use these funds to cover the budget deficit. At the same time, she criticized the manner in which these funds were managed by the government during that period.
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