Egyptian Social Security improves

The recent World Bank’s report “Social Security Networks, the Starting Point” said that Egypt has, within economic reform, paid great attention to applying professional training programs for qualifying cadres of banking system. This has been concomitant with amending pension and social security system.

The report also showed that Egypt has allocated investment budget for standing any economic crisis and facing any related impact on poor communities. This is in addition to introducing a mechanism for providing social services for low-bracketed stratum.

Improving and implementing social security networks helps developing countries contain poverty and capitalize further on globalization with lesser risk exposure, according to the report. It added that social security networks are a prerequisite for developing countries economies to become part of the world economy. Such networks must concentrate on creating opportunities for higher standards of living.

The report also stressed that globalization gives developing countries many chances for realizing prosperity. However, this is a risky matter unless these countries implement necessary economic, social and institutional reforms.

Social protection should not be restricted to providing money for raising standards of living. It must work for eliminating main causes of poverty. Social security system requires risk containment through economic stability, sound capital markets, growth-oriented policies and anti natural disaster meas Economy