Minister of Finance Dr. Youssef Boutros Ghali announced that a drafted project to upgrade social security budget funds, is being reviewed by the People’s Assembly to enable  the social funds to retrieve LE 15.7 billion from the treasury,  representing  interest funds to the treasury to be paid up in cash in the fiscal year 2006/2007.  The amount of interest will create a cash surplus of  $8 billion that may be directed  to safe and  adequate  investment bases with a guaranteed return on cash and reserves and simultaneously alleviate burden on the treasury equivalent to the social insurance government debt.

Dr. Ghali added that the government will issue debenture bonds on the treasury representing  the total amount of the social insurance debt to the government and its revenues will be directed to the funds.  He said that an inventory of  fund liabilities to  the National  .Investment Bank and the Ministry of Finance is currently being prepared so that the interests will be directly paid into pension funds with no intervention from the National Investment Bank while approving  investment of  interest in  accordance with  set criteria.  Dr. Youssef said that such a system will achieve a safe means of investment as it transfers accounts from books and into real cash that increases through specialized institutions.( Ministry of Finance)