Egypt increases salaries of senior officials in Sisi regime

Egyptian President Abdel Fattah Al-Sisi yesterday approved a law that would allow an increase in the salaries of senior state officials.

According to the official state newspaper, the decree has adjusted the pay of the parliament speaker, the prime minister and some governors, deputies and civil servants.

Parliamentary Affairs Minister, Omar Marwan, said earlier that a minister’s official salary is 2,200 Egyptian pounds ($125) per month in addition to some incentives, however the new legislation grants the parliament speaker wages of 42,000 ($2,374) per month and a pension of 33,000 ($1,800).

Parliament members who had rejected the amendment said the country’s current economic crisis “does not allow for a pay rise for civil servants”.

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Egypt floated the pound in November 2016, and the currency lost half its value, pushing inflation to record highs over 30 per cent last summer as energy prices soared.

The country has also cut government subsidies or made them harder to obtain in an effort to meet the demands of a $12 billion International Monetary Fund loan.

Al-Sisi has promised that cuts in state subsidies will help revive the economy, promote long-term growth and attract foreign investment. But that comes with a price.