IMF Loan a Way Forward for Egypt

Source: Carnegie Endowment
Author(s): Brendan Meighan

Original Link:

After floating the Egyptian pound on November 3 and subsequently cutting fuel subsidies on November 4, the Egyptian government cleared the final hurdles on its path toward receiving the first tranche of its $12 billion loan from the International Monetary Fund (IMF). The blockbuster deal comes after years of stifled efforts, countless calls for reform from a chorus of domestic and international economists, and numerous meetings between Egyptian and IMF officials. Although the IMF only finalized the agreement on Friday, November 11, the loan agreement and prerequisite reforms had already fundamentally altered the Egyptian economy in a way that only the most optimistic of observers expected…

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