Governor of the Central Bank Hisham Ramez announced
Monday the opening of a new bank account under the number
037037, a reference to the date on which President Abdel
Fattah Al-Sisi declared the ouster of former president
Mohamed Morsi.
The account, Ramez said, will be known as the “Long Live
Egypt Fund”, borrowing from Al-Sisi’s election campaign
slogan, and has been set up to collect donations to support the
economy.
A number of businessmen launched an initiative to support
Egypt following the events of 30 June under the 306306 Fund,
headed by Farouk El Okda, former governor of the Central
Bank. The fund amassed close to EGP 1bn, including a
donation of EGP 300m from the armed forces.
The idea of creating funds or opening accounts to support the
economy flourished following the 25 January Revolution,
including the 2512011 account, as well as the 333-333 Egypt
Renaissance account.
Economic researcher at Stanford University Amro Adly said
that the establishment of a fund to collect donations is a
“populist measure” that falls short of an economic solution, as
the idea is not sustainable and fails to address the issue of
accumulating government debt. Solving the problem requires
a restructuring of state revenues and expenses, he said.
“The president is employing his popularity, utilising a national
speech to pass austerity measures that do not always enjoy
popular support, such as decreasing subsidies and increasing
taxes, and marketing these measures to public opinion at a
time when the country is embroiled in political turmoil,” said
Adly.
Al-Sisi announced Tuesday he would forego half of his
monthly salary and half of his wealth and property, which he
would cede “to Egypt”.
The remarks came during a speech at a graduation ceremony
for a new group of students from the National Military
Academy, in which he also called on Egyptians to avoid
extravagance during the month of Ramadan.
Sisi said that that he receives a salary of EGP 42,000, the
maximum government wage, and as this is more than what he
needs currently, he is willing to cede half. He pointed out that
he issued directives for no government employees to receive
more than this amount.
Sisi said that he “will not respond to any sectarian demands
to increase wages,” pointing out that these demands “do not
recognise the nature of the current economic situation in
Egypt”.
He asked Egyptians at home and abroad to take similar
measures.

source: http://www.dailynewsegypt.com/2014/06/24/central-bank-egypt-establishes-long-live-egypt-fund-support-economy/