President Abdel Fattah Al-Sisi announced Tuesday that the draft budget for fiscal year (FY) 2014/2015 would push the national debt to over EGP 2tn and is still in need of adjustments.
Al-Sisi’s comments came during a speech made during the graduation ceremony of the National Military Academy which touched on Egypt’s state budget, “sectarian demands”, and his plans to cede a portion of his own fortune and salary “to Egypt”. He also stressed the country “must face its challenges”.
He added that Egypt’s survival during the past 10 months is due to the assistance packages from the Gulf Cooperation Council (GCC).
“I will not be able to meet any sectarian demands, not because I don’t want to or because the government doesn’t want to, but because we can’t meet those demands,” Al-Sisi said in regards to ongoing demonstrations.
Al-Sisi also addressed his salary, EGP 42,000, saying that this is the maximum wage and that he “won’t take half of it”.
He added that he will give away half his possessions, even those inherited from his father, “for Egypt”. Al-Sisi did not, however, specify how his salary or his fortune would be distributed.