New IMF loan is no quick fix for Egypt’s financial challenges


Al-Monitor Pro Members


Marc Español 

Freelance journalist covering Egypt and Sudan 


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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