New IMF loan is no quick fix for Egypt’s financial challenges
To:
Al-Monitor Pro Members
From:
Marc Español
Freelance journalist covering Egypt and Sudan
Date:
Dec. 19, 2022
Bottom Line:
The economic shocks triggered by the war in Ukraine after two years of strong turbulence quickly exposed the fragility of Egypt’s heavy reliance on debt. The massive capital flight that followed, coupled with a rising import bill, has left the country in a critical position. A $3 billion IMF loan approved on Dec. 16 will unlock much-needed financing and inject some confidence among investors. But it will neither address nor solve its core problems.
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