Newly appointed President Abdel Fattah Al-Sisi vowed to give up half his salary and half his wealth, in an effort to help Egypt with its austere economic situation and has called on his people to make similar comprises in order to tackle Egypt’s economic challenges. “I am going to do two things: I am not going to take half of this sum and my property, even what I inherited from my father, I will give up half for the sake of our country,” said President Sisi in a televised speech held during the commencement ceremony of graduating military students. Egypt’s economy has experienced a painful period over the last three years with the overthrow of two presidents, a deteriorating tourism and investment sector, rapid growth of unemployment rates and continued political instability. The Egyptian government will also have to face Egypt’s growing budget deficit, the aftermath of decades of corruption, and a costly subsidy system, in which a quarter of government spending goes towards food and fuel subsidies. Egypt’s fiscal year, which begins on July 1, is expected to bring in a 3.2 percent growth in Egypt’s economy, a number…
President Sisi to give up half his salary and wealth ‘for Egypt’
June 24, 2014
