Egypt Plans To Ditch The World Bank And IMF As Their Policies Destroyed The Economy.

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The citizens of Egypt are suffering and it’s all because of the IMF. For almost a decade, the IMF has been the director of the Egyptian economy, dictating which economic policies to be implemented by the government. However, in all these times, the Egyptian economy has only gone from bad to worse. And, right now, the situation has become even more terrible, as citizens are struggling to afford their basic needs. However, the President of Egypt recently announced that with the current economic situation, Egypt will have to ditch the IMF and its policies and begin to look inwards. But, “What are these IMF policies and how have they destroyed Egypt’s economy? Let’s find out.

In March 2024, Egypt signed an 8 billion dollar financial support package with the International Monetary Fund. But, this package required that it would have to reduce subsidies on fuel, electricity and other commodities and also allow its currency to float freely. What this simply means is that the Egypt government would have to stop paying a particular amount on these commodities that allowed citizens to easily afford them, leading to an increase in the price of these commodities. Now, in exchange the IMF package would unlock billions of dollars in loans from the World Bank and the European Union, which, don't forget, would put Egypt in more debt.