The International Monetary Fund (IMF) and Western financial institutions have played a significant role in Egypt’s ongoing economic crisis, contributing to a cycle of debt that has caused severe problems for the country.
Repeated loan cycles and mounting debt:
Egypt has received multiple IMF loans in recent years, including a $3 billion package in 2022 and an expanded $8 billion deal in 2024. These recurring loans indicate ongoing economic difficulties rather than sustainable solutions. The country’s foreign debt has surged to over $165 billion as of March 2023, more than tripling since 2013. This massive debt burden poses a significant threat to Egypt’s economic stability and sovereignty.
According to the Central Bank of Egypt, of the $52 billion the country owes to…
