Khaberni - In a move that has sparked debate about its feasibility in Egypt, Representative Mohamed Samir Beltagy, a member of the Economic Affairs Committee in the House of Representatives, revealed his adoption of a national initiative aimed at fully paying off the country's external debts.
The representative clarified in an official statement that the proposal includes a time period not exceeding one month, through direct donations from the wealthiest segments of society.
He added that the proposal is based on the contribution of about 5% of the financially capable Egyptian population, with each individual donating a million pounds, affirming that he will be among the first donors, as part of taking national responsibility and supporting the state in facing current economic challenges.
The representative also confirmed that the proposal is still under preparation and study in preparation for its formal presentation in the forthcoming period inside the House of Representatives.
Division between supporters and opponents
However, this proposal has created a wide wave of debate and criticism, where many expressed their shock at what they called "the deputy's casual approach to the money of the capable citizens amidst a major economic crisis witnessed by the entire world", affirming that the "financial capability" criterion remains vague as it varies from one person to another in a relative manner.
Representative Mohamed Samir Beltagy
Conversely, others expressed their approval of the proposal considering it a radical solution to the crisis, asserting that national and community responsibility mandates that billionaires help solve the nation's crises.
"Misunderstood"
For his part, Representative Reda Abdel Salam, a member of the House of Representatives, intervened to clarify the matter, confirming that Representative Mohamed Beltagy's proposal was misunderstood, explaining that the discussion took place during the Economic Committee's meeting, where Beltagy introduced an idea related to a mechanism for supporting the national economy.
Abdel Salam said during a post on "Facebook" that the matter was misunderstood, reminding of what happened during the War of Attrition and prior to October 1973, when Egyptians, especially the wealthy, competed to donate to support the war effort.
He added that what Beltagy suggested was for the richest 5% of the Egyptian population, those whose annual incomes exceed one million pounds, to donate one million pounds each to pay off Egypt's external debts, and that these contributions be deposited in a fund, let it be the Egypt Debt Repayment Fund.
He also confirmed that the proposal is not intended to involve all social classes, but the high-income class which benefits the most from public services and utilities, affirming that it's a good idea worthy of consideration and attention.
"A noble and good idea"
In the same context, former deputy Mahmoud Badr commented on the proposal saying the idea is "noble and good", although it needs clarification to avoid confusion, affirming that great nations have taken the same step historically to solve their financial crises, including France, Germany, and Italy. Badr announced his support for the proposal after making some adjustments to it, suggesting that a tax or donation should be taken from citizens owning more than 100 million pounds, with the donation value set at a certain percentage of the wealth value, for example, 5%, and that the donation be made only once without repetition.
Egypt's external debt reserves economy Egyptians abroad abroad - (Expressive from iStock)
He also pointed out that in its current form, the proposal may face large criticisms and discontent, as it should not be linked to the tax or donation with some people's salaries or annual incomes, since this segment includes millions of citizens who suffer from successive financial burdens in the face of internal crises, global crises, and wars.
He added that if adjustments were made to the proposal, the idea would be welcomed by everyone and would be a radical solution to Egypt's debt problem without affecting the middle class.
$163.911 billion
It is noteworthy that Egypt's external debt had increased by the end of the last quarter of 2025, by $198 million, reaching $163.911 billion, compared to $163.913 billion during the third quarter of the same year, according to the Ministry of Planning and Economic Development of Egypt, based on data from the Central Bank of Egypt.
Moody's Credit Rating Agency said that the optimism that has prevailed since March 2024 reflects the likelihood of sustaining the financial and external improvements achieved by Egypt so far, supported by the authorities' commitment to policies and reforms, ultimately supporting a sustainable improvement in the government's capacity to bear public debt burdens and reduce total financing needs.
