Egypt Party leader suggests overseas workers offer 20% of income to mitigate economic crisis

The head of the Egyptian Wafd Party, Abdel Sattar Yamama, instructed the Party’s parliamentary body to propose a law requiring Egyptians working abroad to transfer 20 per cent of their monthly income in foreign currency to Egyptian banks, including star football player, Mohamed Salah, of the British club, Liverpool.

According to Egyptian media, Yamama’s statements came during a panel discussion held at the Party’s Institute of Political Studies regarding the preparation of a national plan to address Egypt’s current economic crisis.

Yamama explained that he instructed the Party’s parliamentary body in the House of Representatives to prepare a draft law mandating Egyptians abroad to transfer 20 per cent of their monthly income to Egypt in dollars, to be returned to their families in Egyptian pounds.

He also added that no Egyptian citizen abroad would be exempt from the transfer, stating in a statement posted on the Party’s Facebook page: “I propose issuing a law requiring Egyptians abroad to transfer a percentage of their monthly income to Egypt in US dollars, to be returned to their families in Egyptian pounds; this decision does not exempt anyone, even the lowest-paid worker abroad, including Egypt’s national team star, Mohamed Salah, with the percentage being 20 per cent.”

At the age of 31, Salah’s annual salary with Liverpool amounts to approximately 23 million Euros ($23 million), making him the third highest-paid player in the English Premier League, after Manchester City’s Kevin De Bruyne and Erling Haaland.

He continued: “The economic situation has become challenging and options are no longer abundant. There are no longer many options to confront the economic repercussions, but continuing in this manner poses a real danger.

“If a law mandating Egyptians abroad to transfer this percentage is implemented, it will provide five billion US dollars monthly, sufficient for a rapid economic rescue,” the politician stated.

OPINION: There’s a new deficit in Egypt’s finances and matters are likely to get worse