News

Egypt’s Military Likely to Reduce its Role in Egyptian Economy Within 3 Years: PM Ismail

Egypt’s Military Likely to Reduce its Role in Egyptian Economy Within 3 Years: PM Ismail

REUTERS/Amr Abdallah Dalsh
REUTERS/Amr Abdallah Dalsh

The role of Egypt’s military in the country’s economy is likely to be reduced in two to three years, Egypt’s Prime Minister Sherif Ismail said on Monday.

Speaking via telephone to television host Lamees El Hadidy on her show, Hona El-Assema, Ismail said that the army’s extensive role in the economy is “beneficial” because the military is organized and has the necessary capabilities to assist the state.

“Isn’t the army’s sector a part of the state? And isn’t the government a part of the state? Today, there are certain projects that the state should be involved in along with the private sector. A state’s role is needed in some economic projects to ensure a balance and secure the market,” he said.

Egypt’s military has been heavily involved in the country’s economy for several decades and is often responsible for infrastructure projects, including building new roads and bridges. The military has also intervened in the last year on a number of occasions to pump certain goods, such as subsidized infant formula and sugar, into the market when supply ran dry.

Earlier this year, Egyptian President Abdel Fattah Al-Sisi also defended the role Egypt’s military plays in the country’s economy, saying that its economic activities do not negatively affect its security duties.

In the telephone interview, Ismail also told El Hadidy that he expects Egypt to finalize the USD 12 billion loan from the International Monetary Fund “before the end of the year.”

Egypt signed a preliminary agreement with the IMF in August and is looking to use the incoming funds to support its reform program that aims to reduce the state’s large budget deficit.

The government has introduced a number of economic reforms in an effort to reduce the state’s budget deficit and revive its economy, which has been struggling since the 2011 uprising that ousted longtime dictator Hosni Mubarak from the presidency after three decades.

Detained Egyptian Nominated for Reporters Without Borders Journalism Prize
Egypt's Interior Ministry Warns Against Schemes to 'Incite Chaos' Ahead of Planned Protests

Subscribe to our newsletter


News

More in News

Stories of Palestinian Nuns and Women in Egypt: 11 Films Screened at Cairo Book Fair

Egyptian StreetsJanuary 27, 2020

Egypt’s Handball Team Crowned African Champions, Qualify for Olympics

Egyptian StreetsJanuary 27, 2020

Mo Salah Honoured with Wax Statue at Madame Tussauds in London

Egyptian StreetsJanuary 25, 2020

Online Training Launched to Encourage Egyptian Women’s Participation in Local Councils

Egyptian StreetsJanuary 23, 2020

Everything You Need to Know About the Coronavirus Outbreak

Egyptian StreetsJanuary 22, 2020

Egyptian MP Proposes Bill to Criminalize Child Marriage

Egyptian StreetsJanuary 21, 2020

Number of Minya Microbus Crash Victims Soars to 5, 16 Injured

Egyptian StreetsJanuary 17, 2020

Come June, King Tut Treasures To Be Exhibited in Boston

Egyptian StreetsJanuary 16, 2020