Following President Sisi's lead, Egyptian officials agrees to take pay cuts
World |
A number of Egyptian government officials and public figures have announced their intention to take pay cuts in a bid to offset Egypt's widening budget deficit.
A number of Egyptian government officials and public figures have announced their intention to take pay cuts in a bid to offset Egypt's widening budget deficit following a similar announcement earlier this week by President Abdel-Fattah al-Sisi.
The raft of announcements came one day after al-Sisi gave an impassioned speech in which he vowed to take a 50-percent pay cut. He also pledged to donate half his personal wealth to as a contribution to offset Egypt's skyrocketing national debt, estimated at some 2 trillion Egyptian pounds (roughly $280 billion).
Notably, the presidential salary was increased exponentially only days before al-Sisi formally assumed power earlier this month.
On Wednesday morning, Khaled Fouda, governor of Egypt's South Sinai province, told reporters that he planned to donate his salary this month in response to al-Sisi's "initiative."
Similarly, the governors of the Beheira and Ismailia provinces announced plans to give up half of their salaries this month to support the local economies in their respective provinces.
In an interview with Anadolu Agency, Alexandria Governor Tarek al-Mahdi, for his part, declined to reveal whether or not he planned to follow suit.
The latest announcements precede an anticipated governors' reshuffle, expected in coming weeks, according to a government official.
In a Tuesday speech, al-Sisi vowed to take a 50-percent cut to his current monthly salary of $5900 and donate half of his personal wealth to state coffers.
Al-Sisi also voiced his refusal to sign off on a proposed 2014/15 state budget, which, he said, would further raise debt levels.
"Egypt has received support over the past ten months from its Arab brethren; now it needs support from Egyptians at home and abroad to deal with the [budget] deficit," he said.
A group of public figures who had supported al-Sisi the former army chief who played a key role in last summer's ouster of elected president Mohamed Morsi said they were willing to follow al-Sisi's example.
Businessman Mohamed al-Amin, who owns the private CBC television network, announced last night that he was giving half of his commercial and real estate assets away to the state. He also said that CBC's board of directors would donate half their salaries for one month.
Popular actor Adel Imam also chipped in, saying in an interview with the Tahrir satellite TV channel that he planned to donate 52.5 million Egyptian pounds (roughly $7.3 million).
Moreover, Al-Sayed al-Badawi, head of the liberal Wafd Party, said he would donate half his annual income for life, according to party media consultant Moataz Salah al-Din.
Al-Sisi was declared the winner of a May presidential poll in which he won over 97 percent of the vote, according to Egypt's official electoral commission.
Less than two weeks before the polls, former interim president Adly Mansour issued a decree raising the president's salary from 2000 Egyptian pounds (roughly $280) to 42,000 Egyptian pounds (roughly $5900).
Since Morsi's ouster almost one year ago, Egypt has received billions of dollars in assistance from Saudi Arabia, Kuwait and the United Arab Emirates (UAE).
The government also recently decided to set a maximum monthly wage of 42,000 Egyptian pounds (around $6100) for senior civil servants as part of efforts to rein in government spending.
Egyptian officials have long called for a sweeping reduction unpopular but seen as necessary in state subsidies on energy, which stood at 128 billion pounds (some $18.2 billion) in 2012/13.
Some observers believe this figure could reach as high as 140 billion pounds (some $19 billion) by the end of the current fiscal year on June 30.
The raft of announcements came one day after al-Sisi gave an impassioned speech in which he vowed to take a 50-percent pay cut. He also pledged to donate half his personal wealth to as a contribution to offset Egypt's skyrocketing national debt, estimated at some 2 trillion Egyptian pounds (roughly $280 billion).
Notably, the presidential salary was increased exponentially only days before al-Sisi formally assumed power earlier this month.
On Wednesday morning, Khaled Fouda, governor of Egypt's South Sinai province, told reporters that he planned to donate his salary this month in response to al-Sisi's "initiative."
Similarly, the governors of the Beheira and Ismailia provinces announced plans to give up half of their salaries this month to support the local economies in their respective provinces.
In an interview with Anadolu Agency, Alexandria Governor Tarek al-Mahdi, for his part, declined to reveal whether or not he planned to follow suit.
The latest announcements precede an anticipated governors' reshuffle, expected in coming weeks, according to a government official.
In a Tuesday speech, al-Sisi vowed to take a 50-percent cut to his current monthly salary of $5900 and donate half of his personal wealth to state coffers.
Al-Sisi also voiced his refusal to sign off on a proposed 2014/15 state budget, which, he said, would further raise debt levels.
"Egypt has received support over the past ten months from its Arab brethren; now it needs support from Egyptians at home and abroad to deal with the [budget] deficit," he said.
A group of public figures who had supported al-Sisi the former army chief who played a key role in last summer's ouster of elected president Mohamed Morsi said they were willing to follow al-Sisi's example.
Businessman Mohamed al-Amin, who owns the private CBC television network, announced last night that he was giving half of his commercial and real estate assets away to the state. He also said that CBC's board of directors would donate half their salaries for one month.
Popular actor Adel Imam also chipped in, saying in an interview with the Tahrir satellite TV channel that he planned to donate 52.5 million Egyptian pounds (roughly $7.3 million).
Moreover, Al-Sayed al-Badawi, head of the liberal Wafd Party, said he would donate half his annual income for life, according to party media consultant Moataz Salah al-Din.
Al-Sisi was declared the winner of a May presidential poll in which he won over 97 percent of the vote, according to Egypt's official electoral commission.
Less than two weeks before the polls, former interim president Adly Mansour issued a decree raising the president's salary from 2000 Egyptian pounds (roughly $280) to 42,000 Egyptian pounds (roughly $5900).
Since Morsi's ouster almost one year ago, Egypt has received billions of dollars in assistance from Saudi Arabia, Kuwait and the United Arab Emirates (UAE).
The government also recently decided to set a maximum monthly wage of 42,000 Egyptian pounds (around $6100) for senior civil servants as part of efforts to rein in government spending.
Egyptian officials have long called for a sweeping reduction unpopular but seen as necessary in state subsidies on energy, which stood at 128 billion pounds (some $18.2 billion) in 2012/13.
Some observers believe this figure could reach as high as 140 billion pounds (some $19 billion) by the end of the current fiscal year on June 30.
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