2 Days
Source:
مصراوي
Magdy El-Gallad on pension fund misuse
The article focused on the issue of pension and insurance funds in Egypt, explaining that the roots of the crisis date back to the early 1980s during President Hosni Mubarak's era. At that time, pension funds were targeted due to the public budget deficit and the deteriorating economic conditions following the wars. The National Investment Bank was established to serve as a framework for funding these funds, which led to the management of pensions being subordinated to the bank and removed from independence. As a result, these funds were used as public resources to cover the budget deficit. Consequently, pension funds were misused and turned into a cover for the budget deficit, with an unclear future for these financial accumulations over the past decades.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)