Egypt Issues $2bn-bonds to Reimburse Pensions FundSource: www.export-egypt.com 11/6/2013, Location: Africa |
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Ministry of Finance Ahmed Galal has issued two governmental bonds worth LE14.2 billion (roughly $2 billion) to pay off part of the treasury's debt to two Egyptian insurance funds, one for public employees and the other for those working in the private sector.
The decision, announced on 4/11/2013, aims to decode the financial overlaps between the state’s treasury and pension and insurance funds. Finance Minister Ahmed Galal decided to raise the interest on the second tranche of its debts to the funds to nine percent, compared to eight percent previously. This will enable the annual revenues of the funds to reach LE1.3 billion (roughly $0.19 billion) in order to provide the necessary liquidity to pay pensioners. According to a statement by the finance ministry, the increasing yield will assist the funds in reaching the promised ten percent rise in pensions as of January 2014. The money of public and private pensions and insurance funds, which are by law private, have burdened the public coffers since the government established the National Investment Bank - a state bank managing public investments – in order to meet its financial commitments in the eighties. |
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