The Egyptian Economy: Can the International Monetary Fund force Egypt to reduce the role of the army in many sectors? – Financial Times

Abdel Fattah Sisi

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Al-Sisi was defense minister when he led the army in the 2013 overthrow of Dr. Mohamed Morsi, the first democratically elected president in Egypt’s history, and was later elected president of the country.

We begin our tour of the British newspapers with the Financial newspaper and an opinion article written by Yezid Sayegh entitled, “Sisi cannot turn a blind eye to the economic role of the Egyptian army forever.”

The writer, a fellow at the Carnegie Middle East Center in Beirut, says the new loan agreement between the International Monetary Fund and Egypt, announced on January 10, appears at first sight as broad and ambitious as it is welcome.

In addition to measures to address the country’s worsening currency crisis and debt aggravation, the Egyptian government promised a major restructuring of the shares of the public and private sectors in the economy, intending to maintain – or even increase – the characteristic that the state has the lion’s share of investment, in sectors including real estate and transportation.

However, the author points out that, if the government keeps its promises, the impact will be greater than that of the privatization process that began in 1991.

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