Egypt and the IMF roll up their sleeves

As predicted, Egypt’s authorities have finally abandoned their objections to seeking assistance from the IMF, and the Fund is now working out the details of an assistance package. Egypt is hemorrhaging foreign currency reserves, and the promised loans from wealthy Arab states have not materialized. Via Reuters: An IMF technical team will remain in Egypt ...

By , a professor at Indiana University’s Hamilton Lugar School of Global and International Studies.

As predicted, Egypt's authorities have finally abandoned their objections to seeking assistance from the IMF, and the Fund is now working out the details of an assistance package. Egypt is hemorrhaging foreign currency reserves, and the promised loans from wealthy Arab states have not materialized. Via Reuters:

As predicted, Egypt’s authorities have finally abandoned their objections to seeking assistance from the IMF, and the Fund is now working out the details of an assistance package. Egypt is hemorrhaging foreign currency reserves, and the promised loans from wealthy Arab states have not materialized. Via Reuters:

An IMF technical team will remain in Egypt for up to 10 days to work out the details of any accord, then return for further talks at the end of January.

Analysts say Egypt is in desperate need of international support to avert a financial crisis, but any agreement is unlikely to prevent a drop in its currency or see any quick revival of the investment needed to fuel growth.

David Bosco is a professor at Indiana University’s Hamilton Lugar School of Global and International Studies. He is the author of The Poseidon Project: The Struggle to Govern the World’s Oceans. Twitter: @multilateralist

Tag: IMF

More from Foreign Policy

Newspapers in Tehran feature on their front page news about the China-brokered deal between Iran and Saudi Arabia to restore ties, signed in Beijing the previous day, on March, 11 2023.
Newspapers in Tehran feature on their front page news about the China-brokered deal between Iran and Saudi Arabia to restore ties, signed in Beijing the previous day, on March, 11 2023.

Saudi-Iranian Détente Is a Wake-Up Call for America

The peace plan is a big deal—and it’s no accident that China brokered it.

Austin and Gallant stand at podiums side by side next to each others' national flags.
Austin and Gallant stand at podiums side by side next to each others' national flags.

The U.S.-Israel Relationship No Longer Makes Sense

If Israel and its supporters want the country to continue receiving U.S. largesse, they will need to come up with a new narrative.

Russian President Vladimir Putin lays flowers at the Moscow Kremlin Wall in the Alexander Garden during an event marking Defender of the Fatherland Day in Moscow.
Russian President Vladimir Putin lays flowers at the Moscow Kremlin Wall in the Alexander Garden during an event marking Defender of the Fatherland Day in Moscow.

Putin Is Trapped in the Sunk-Cost Fallacy of War

Moscow is grasping for meaning in a meaningless invasion.

An Iranian man holds a newspaper reporting the China-brokered deal between Iran and Saudi Arabia to restore ties, in Tehran on March 11.
An Iranian man holds a newspaper reporting the China-brokered deal between Iran and Saudi Arabia to restore ties, in Tehran on March 11.

How China’s Saudi-Iran Deal Can Serve U.S. Interests

And why there’s less to Beijing’s diplomatic breakthrough than meets the eye.