Egypt's new president Abdel-Fattah al-Sisi pledged Tuesday to give up half his salary and property and called on the Egyptian people to make similar sacrifices in a bid to prepare the public for a period of painful economic austerity.

In a speech at a military graduation ceremony, Sisi proposed to lead by example, giving up some of his own pay and vowing to apply a salary cap for higher earners in the public sector.

"I am going to do two things: I am not going to take half of this sum and my property, even what I inherited from my father, I will give up half for the sake of our country."