Egyptian army holds billions in secret cash as country misses debt deadline, officials say

Egypt’s armed forces reportedly rejected government pleas in December to help ease a severe debt crisis, despite allegedly holding secret cash reserves larger than the country's total foreign debt. The government failed to meet a $750m loan repayment deadline to the IMF after domestic banks refused to lend more due to limited liquidity. A direct appeal from the prime minister to the minister of defence for assistance was firmly refused. This situation highlights the opaque and powerful economic role of the Egyptian military and the acute fiscal stress facing the civilian government.