Egyptian social insurance chief, General Jamal Awad, has denied allegations that funds from the country's social insurance system were stolen or misappropriated during the era of former President Hosni Mubarak. In an interview with Egyptian media, Awad stated that there was no truth to claims that former Finance Minister Youssef Boutros Ghali had obtained funds from the insurance system. Awad emphasized that no one had stolen insurance funds, and such claims were unfounded.
Awad made these statements during an interview with journalist Ahmed Moussa on the program "On My Responsibility," broadcast on the Egyptian channel "Sada El-Balad." He stressed that claims about the wealth of former President Mubarak, said to be around 70 billion, were also unsubstantiated. According to Awad, Boutros Ghali did not take any funds from the insurance system.
The Egyptian government has been working to settle historical debts and financial entanglements. According to Awad, the state's treasury has paid the National Social Insurance Authority approximately 1.610 trillion Egyptian pounds. These payments were made to settle outstanding dues and historical debts. This move has been part of broader efforts to restructure and strengthen the country's social insurance system.
President Abdel Fattah El-Sisi's directives to resolve financial entanglements and recover historical debts have been instrumental in revamping Egypt's social insurance system. Awad described these directives as a "new birth certificate" for the system. The aim is to ensure the sustainability and efficiency of social insurance services for Egyptian citizens.
Under Awad's leadership, the National Social Insurance Authority has achieved significant returns on its investments. The authority reportedly generated 20 billion Egyptian pounds in investment income. Awad highlighted this achievement as part of the authority's efforts to manage and grow its resources effectively.
The settlement of historical debts by the treasury has been a critical component of these efforts. According to Awad, the treasury's payments to the authority have been substantial, totaling 1.610 trillion Egyptian pounds from 2019 to the 2026-2027 fiscal year. This financial settlement is expected to help stabilize and enhance the insurance system's operations.
Awad's statements come amid efforts to reassure the public about the management of Egypt's social insurance funds. By denying allegations of misappropriation and highlighting the authority's achievements, Awad aims to promote transparency and confidence in the system. The National Social Insurance Authority continues to work on improving its services and financial management.
Key points
- Egyptian social insurance chief denies allegations of fund misappropriation during Mubarak era.
