Egypt Reassesses IMF Deal Amid Economic Strain

Egypt is considering a reassessment of its $8 billion International Monetary Fund (IMF) program amid intense economic pressures exacerbated by regional instability, including the impact of attacks on Red Sea shipping routes by Yemen's Houthi militants, which have decreased Suez Canal revenues. President Abdel-Fattah El-Sisi emphasized the need for the IMF to recognize the extraordinary challenges Egypt faces, as the country grapples with inflation and public discontent over rising costs for fuel, electricity, and essential goods. Recent economic reforms have included significant devaluation of the Egyptian pound and increased prices on subsidized goods, heightening inflation to 26.4% in September. El-Sisi highlighted Egypt's efforts to manage water scarcity and economic reforms, urging the government to ensure fiscal measures do not become unbearable for the population. Egypt continues to engage with international institutions for economic support, with the president underscoring the importance of these partnerships in navigating the ongoing crisis.