What is Egypt's economic crisis?

Egypt's economic crisis compels people to make hard spending choices, and challenges the government to accept more foreign aid to support a rapidly growing population. This audio was produced by Lisa Weiner and edited by Jacob Conrad. Egypt is the Middle East's biggest country, but it is facing a deepening economic crisis.

Is Sisi's autocratic regime responsible for Egypt's financial crisis?

But Sisi’s autocratic regime is also squarely to blame as it has presided over a state living beyond its means. Last year, Cairo was forced to go to the IMF for the fourth time in six years. Even before that $3bn loan was secured in October, Egypt was the fund’s second biggest debtor after Argentina.

How has Egypt's economy changed over the years?

The economy has been growing steadily, but the impact of that growth - forecast at 4% to 5% this year - is blunted by the population surge. Many Egyptians say their standard of living has been eroded. Since March 2022, Egypt's pound has depreciated by nearly 50% against the dollar.

Does the IMF reform Egypt's economy?

The IMF announced an ambitious reform programme for Egypt’s economy, but analysts cast doubt on its effectiveness. Cairo, Egypt – The Egyptian economy is struggling. The national currency has lost nearly half its value in less than a year, reaching a historic low of 32 Egyptian pounds to the dollar last week, before bouncing back slightly.