IMF Bailout Offers Little Relief to Egypt Given el-Sisi’s Track Record

A coffee shop that ran out of business near the Giza Pyramids, Egypt, Aug. 8, 2016 (AP photo by Nariman El-Mofty).
A coffee shop that ran out of business near the Giza Pyramids, Egypt, Aug. 8, 2016 (AP photo by Nariman El-Mofty).

Last week, the International Monetary Fund agreed to a tentative deal with Egypt to loan it $12 billion over three years, in exchange for undertaking major economic reforms. The Arab world’s most populous country, Egypt has been cash-strapped and staggering from crisis to crisis in the five years since longtime President Hosni Mubarak was toppled in a popular uprising. President Abdel-Fattah el-Sisi, who ousted Mohammed Morsi in a coup in the summer of 2013, came to power with the promise of righting the economy, but that hasn’t happened. Instead, el-Sisi has taken after his predecessors and pursued grandiose development projects, […]

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