Egypt Urges People to Donate to Help Ailing Economy

Egyptians are urged to support the country's ailing economy through donating to a newly created bank account at the Central Bank of Egypt, a presidential statement said on Tuesday.

The fund, called "Long live Egypt", will be under the direct supervision of President Abdel Fattah al-Sisi, according to the statement.

"The presidency calls upon the masses of Egyptian people at home and abroad to assume their responsibility towards the nation," the statement said, adding that there is no pressure or coercion to compel citizens to contribute.

"The account (037037) will also be subject to the oversight of the Central Auditing Agency in a framework of transparency and credibility. The central bank will declare a list of donors and the size of donations monthly."

Sisi, who was elected president last month, has pledged to give up half of his salary and property after he pointed to the continuing deterioration of Egypt's economic situation.

He has rejected the first draft of the budget, which comes into effect on Tuesday that marks the beginning of the new fiscal year.

On Sunday, Sisi approved on Sunday a revised budget for the 2014/15 fiscal year with a deficit of 10 percent.

Further austerity measures, such as subsidy reductions, are expected in order to control the public debt and allow for deeper reforms of the ailing economy.

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