President Abdel Fattah al-Sisi has suggested that Egyptian expatriates make a financial contribution to help their country cope with eroding foreign reserves, according to one of his advisers.
Hani Azer, a member of the presidency’s advisory council of scientists, told independent daily Youm 7 on Wednesday that during his latest meeting with the council the president suggested Egyptians abroad, estimated to be 9 million, remit US$100 dollars to their families back home as means to offset foreign currency shortage.
“I live in Germany, and I know there are many patriotic Egyptians there. I will spread the word,” Azer said, adding that if the initiative succeeded, it would provide the country with US$6 billion monthly.
Egypt's foreign reserves stood at about US$36 billion before the 2011 revolt that unseated former ruler Hosni Mubarak, but political fluctuations and receding foreign investments caused the reserves to fall to $16.423 billion in November. The recent decline serves as a backdrop for poorer revenues from maritime shipping across the Suez Canal, as well as the tourism fallout resulting from the fatal Russian plane crash in Sinai.
The World Bank says Egyptian expatriate remittances stood at US18 billion by the end of 2014.
