EGYPT’S SISI SAYS MILITARY ACCOUNTS FOR 1.5-2 PERCENT OF ECONOMY

CAIRO, Egyptian President Abdel Fattah al-Sisi said on Saturday that the military’s economic activity accounted for no more than two percent of the country’s output, dismissing suggestions that the military could control as much as half of the economy.

Speaking at an event celebrating the expansion of a military-owned company, Sisi said the military made up 1.5-2 percent of economic output which he said was 3-4 trillion Egyptian pounds ($160 billion-$213 billion).

That would put the military’s share of economic activity at between $2.39 billion and $4.26 billion.

“It has been said that the military’s economy is worth 20 or even 50 percent of the economy. I wish. We have nothing to hide; the military accounts for between 1.5 to 2 percent of the economy,” Sisi said, adding that the military paid taxes on all projects and that they were subject to regulations and auditing.

“We would love for it to be 50 percent.”

Source: NAM NEWS NETWORK