CAIRO: President Abdel Fatah al-Sisi announced Tuesday during a commencement speech at the Military Academy that he will take a 50 percent pay cut.
Sisi also said in the televised speech that he will donate half of his assets to the country. On June 19, Hisham Genena, head of the Central Auditing Organization announced in a statement that Sisi’s monthly salary was the maximum 42,000 EGP ($5,872), according to Al-Masry Al-Youm newspaper.
The country is currently experiencing an economic crisis according to a recent report by the Central Bank of Egypt on June 2. It said domestic public debt rose by 3.4 percent during the first quarter of 2014, and the total debt now stands at 1.7 trillion EGP.
During his Military Academy speech, Sisi added that he discussed Monday with Prime Minister Ibrahim Mahlab and other ministers next year’s budget. Sisi said he refused to accept the new budget because current estimates show it reaching 2 trillion EGP next year.
Sisi said that he told the government that he cannot sign the budget and it needs to be reviewed again. “I need the next generation to have something good. If we let the debt go up like this we will not leave anything good for them,” he said
Sisi added that he said before he ran for president that at least two years are needed to make extreme efforts and impose measures to reduce spiraling debt.
Sisi said every Egyptian needs to give back to the country. “My total salary including the allowance is 42,000 EGP and I will only take half of it,” he said.
He added that all Egyptians—whether inside the country or abroad—need to put their country’s interests at the forefront.
At the end of his speech, Sisi also said that after all the comments and discussion on the latest Judiciary rulings that no one should comment or interfere on any verdict.