Cyprus Mail

Fiscal council suggests investing social insurance fund to address chronic problem


The state could benefit from investing its social insurance fund as part of an effort to tackle the “chronic problem” surrounding its operations, chairman of Cyprus’ fiscal council Michalis Persianis said on Friday.

Persianis was speaking a day after the council published a report detailing the “internal over-lending” of state funds from the social insurance fund.

The government loan from the social insurance fund currently amounts to €10 billion and although €157 million was paid into it in July, it is high time to address the matter, he said.

According to the report, the central government has been recording deficits since February until the end of the first six months of the year, financed through the social insurance fund.

The chairman said with the fund having high revenues in relation to its expenses, how the money is utilised is something which much be addressed.

With investments, this could offer long-term benefits for the country but instead are operational expenses of the state.

Follow the Cyprus Mail on Google News

Related Posts

All school buses back to normal at the beginning of the week

Nikolaos Prakas

President discusses Turkish buffer zone violations with UNSG

Nikolaos Prakas

Parliament passes bill to tackle standing for long hours at work

Nikolaos Prakas

President keeps mum about talk with Mitsotakis after Erdogan meeting

Nikolaos Prakas

Thanasis case has taken ‘too long’ judge says, rejecting AG request

Andria Kades

Environmental organisations criticise agriculture ministry for flawed Akamas works

Nikolaos Prakas