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Mohamed Mite clarifies fund allocations after Ghali-El Talawi dispute
The article discusses statements by former Minister of Finance Mohamed Mounir regarding the fate of social insurance and pension funds in Egypt. He explained that the biggest mistake was the 1980 law that established the National Investment Bank to finance the country's investment plan, which led to a decline in pension fund surpluses and the accumulation of deficits. Mounir clarified that pension funds were used in government projects such as building water stations and did not generate direct financial returns, causing liquidity shortages. He also denied that former Finance Minister Youssef Boutros Ghali invested pension funds in the stock market. Mervat El-Telawi, the former Minister of Social Insurance, responded by saying she was aware that pension funds were deposited in the National Investment Bank and were earning only 8% returns, whereas external investments could yield 18-20%. She emphasized that there has been exploitation of pension funds, asserting that they are private rather than public funds, and that outdated policies have led to debt accumulation and a deterioration of the financial situation.
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