Egypt’s army seems to want to make pasta as well as war

Egypt's economy is struggling with a devalued currency and high inflation. Despite a commitment to shrink the army's economic empire, it continues to expand.

April 14, 2023 . 10:56 AM

1 min read

Egypt's economy is struggling, with the pound losing almost half its value and inflation at 32.7%.
The government has had to devalue its currency and increase interest rates, but investors remain wary.
The army oversees a quarter of public spending on housing and infrastructure, and has been expanding its economic empire.
The government committed to shrinking the army's economic empire in its IMF deal, but has not kept its promise.
The army looks to be stripping assets from a firm it might sell and transferring them to one it will keep.