Finance Minister Youssef Boutros-Ghali announced on Wednesday that his ministry would settle its outstanding debts to insurance funds in both the public and private sectors.

"The civil servants insur...

Finance Minister Youssef Boutros-Ghali announced on Wednesday that his ministry would settle its outstanding debts to insurance funds in both the public and private sectors. "The civil servants insurance fund will receive LE 15.7 billion, while the public- and private-sector insurance funds will receive LE11.3 billion," Boutros-Ghali explained, having just finalized the 2010/2011 budget for social insurance funds. Previously, no budgets were allocated for social insurance funds, with the ministry sufficing to issue a final statement of accounts. "For the first time, we've devised estimated budgets for all funds so as to allow us to control expenses," the minister said. "We have also allocated LE21 billion for private- and public-sector pension funds, and another LE27 billion for the civil servants pension fund," Boutros-Ghali added. The minister went on to project LE25 billion in revenue from both funds for the 2010/2011 fiscal year. He also issued a decree allowing the National Social Security Authority to directly collect subscriptions for deposit into their respective funds. "This will make the lives of subscribers much easier and will improve Egypt's international ranking in terms of public service facilitation," Boutros-Ghali said. (Source: Arab Finance)