Sisi donates half his wealth to Egypt

2014-06-24 20:58
Egypt's ex-army chief  Abdel Fattah al-Sisi. (STR, AFP)

Egypt's ex-army chief Abdel Fattah al-Sisi. (STR, AFP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

kalahari.com

Cairo - Egypt's President Abdel-Fattah al-Sissi said on Tuesday he will donate half of his personal wealth and half of his salary to help the country's crippling economy, the improvement of which he said requires sacrifices from all Egyptians.

Sisi also said he asked the government to amend a newly drafted budget - the largest in Egypt's history at $115bn - because it had a deficit he said was unacceptable. The draft budget kept Egypt's budget deficit hovering around 12%.

The budget had large sums dedicated to state subsidies on food and energy, as well as spending on pensions and social spending. Sisi said he asked his government to amend it, but didn't specify what will be changed.

He said tough measures will have to be taken to address the deficit and other economic challenges. Tourism revenues, a main foreign cash earner, have fallen drastically because of Egypt's political unrest.

"I found the deficit increasing, bringing our debts up to $282bn only because this is the budget that won't stir public opinion," he said. "I couldn't approve it ... How long can we continue to avoid confronting our challenges and problems?"

Sisi said Gulf aid to Egypt in the past months, estimated around $20bn, won't last.

"I am telling you, there must be real sacrifices from every Egyptian," he said.

To set an example, Sisi said he will donate half of his personal wealth and half of his salary to the country. The monthly salary for the president is set at $6 000.

"This is too much for me. I am telling you I will do two things. I will only take half of this salary," he said. "There is something else I can do. I will give up half of what I own, included what I inherited from my father, for the sake of the country."

Old wealth

He appealed to wealthy Egyptians to do same, saying a bank account he would oversee would go to help Egypt's myriads of problems.

The size of Sisi's personal wealth was subject to speculation around the time of his nomination for elections when he was required to divulge it to the election commission confidentially.

A local newspaper published a report estimating his wealth at $4.2m, including inheritance from his father. But the paper later retracted amid reports of criticism from the military for publishing it.

Sisi's family is one of the best known makers of oriental-type furniture in Cairo's old district.

Sisi also said he will not accept or be able to meet demands from different sectors for wage increases and better working conditions.

Protests by workers and government officials were a main feature during the last three years in Egypt, as they joined in with the spirit of revolt against government policies and corrupt practices.

- AP
Read more on:    abdel-fattah el-sissi  |  egypt  |  north africa
SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
12 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
/News
Traffic & Train Alerts
Traffic
Milnerton 13:33 PM
Road name: Plattekloof Road

TRAFFIC LIGHTS not working at the M7 Interchange

Bellville 13:23 PM
Road name: N1 Outbound

ROADWORKS - left lane after the Old Oak Road exit

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Up to 60% off - clearance sale!

Save up to 60% on appliances, books, electronics, toys, movies and more. Offer valid while stocks last. Shop now!

Deal of the Week!

Get bestselling John Green novels now just R99 each! Hurry and get yours while stocks last. Shop here.

Mind blowing deals on beauty & fragrances

Save up to 30% off beauty and fragrances. Offer valid while stocks last. Shop now!

Up to 50% off hair care products!

Save up to 50% on professional hair care products at kalahari.com. Offer valid while stocks last. Shop now!

30% off academic books

Score a mind blowing 30% off academic books! Offer valid while stocks last. Shop now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

It is the end of the month and there may be a strong focus on organising finances. You may have found a need to reconstruct or...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.