The Brotherhood’s Lawmakers Request Clarification on the New Corporation of Profiles

The Muslim Brotherhood’s MP, Azab Mustafa, presented the first urgent account over the competencies of the new government.
In his account, he referred tothe Premier and the Finance Minister, he questioned the new procedure of merging the ministry of the Social Insurance, featured by social role, to that of the Finance, which merely concerns with economical co-operation. By the virtue of this corporation, the Finance Ministry exercises control over the funds of the Insurance Profile, estimated 140 billions. Therefore, the Finance Ministry will use these sums to repay the inflating budget deficit, a measure that endangers the insurance beneficiaries.
During Atef Ebad’s cabinet, this merging step was refused by the Social Insurance Ministry, according to government-owned and independent dailies.
The report added the government ordered the Social Insurance profile’s funds to be deposited at the National Investment Bank. While the bank interest amounts to 20%, it ranges from 9%-11% on the capital of the Social Insurance Ministry.
The account requested more explanation on the rules the Finance Ministry will follow to use the Insurance Ministry’s capital. It suggested a mechanism to preserve these funds; the Finance Ministry should issue receipts documenting this capital over thirty years. Thus, the state can circulate these sums without putting them at the risk.