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Story summary
- Egypt's military has declined government requests for assistance with the country's debt crisis, despite having reserves greater than the total foreign debt.
- Senior banking officials noted that the military's financial resources are opaque and inaccessible to civilian authorities.
- The government faces challenges in meeting a $750 million loan repayment to the International Monetary Fund (IMF) by December, resulting in an agreement to deduct it from future tranches.
- The IMF has cautioned that the military's economic dominance hinders private sector growth and worsens the debt cycle.
