Politics
Middle East
International Relations
Economics
International Aid
Government Spending
Debt Crisis
1/ Egypt : Addicted to Aid?
For a country that has borrowed more than $75 Billion from the IMF and neighbours in just in the last decade, it’s surprising Egypt decided that building a new presidential palace was a national priority.
For a country that has borrowed more than $75 Billion from the IMF and neighbours in just in the last decade, it’s surprising Egypt decided that building a new presidential palace was a national priority.
2/ Egypt is becoming a bottomless pit:
2012 — $10 Billion from Qatar
2013-15 — $23 Billion, Kuwait, KSA, UAE
2016-22 — $23 Billion, IMF
2022 — $22 Billion, KSA, Qatar, UAE
… $75+ Billion and counting, this is unsustainable and like an unruly child, rewards bad behaviour.
2012 — $10 Billion from Qatar
2013-15 — $23 Billion, Kuwait, KSA, UAE
2016-22 — $23 Billion, IMF
2022 — $22 Billion, KSA, Qatar, UAE
… $75+ Billion and counting, this is unsustainable and like an unruly child, rewards bad behaviour.
3/ Egypt hasn't run a current account surplus since Morsi took office. It is the second largest borrower from the IMF after perpetual basket-case Argentina.
4/ In 2021 alone Egyptian labour overseas extracted a massive $21B from GCC economies to send home. Combined with aid money, these tens of billions continue to reward a failed economic model.
5/ If reform never comes from within, it's also unfortunately not being imposed from the outside; with each bailout the cost of catastrophic failure only rises. The time is now, for Egypt to sober up and get clean.
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