Finance minister: State repaid LE 288 billion to National Organization for Social Insurance in 2 years

CAIRO - 2 April 2021: Finance Minister Mohamed Maeit said the state's general budget repaid EGP 288 billion to the National Organization for Social Insurance (NOSI) in 21 months upon directives of President Abdel Fattah El Sisi to settle the financial entanglement with the organization.

In a statement on Friday, Maeit noted the State continues to repay the financial dues to the organization in the coming year, pointing out the Finance Ministry will pay EGP 180 billion in the new fiscal year and about EGP 333.5 billion by the end of June 2022.

The percentage of the annual installment increase had been adjusted to be 5.9% instead of 5.7% in light of the State's measures to improve the living standards of the pensioners, the minister stated.

He added that the total amount repaid by the State's general budget to the organization in seven years as of July 2019 will reach EGP 1.36 trillion.