Part 7/8:
Despite these grand endeavors, Egypt faces significant economic challenges. The country’s foreign debt has skyrocketed to nearly $168 billion, complicating its economic stability. High inflation rates, particularly for essential goods, have had a drastic impact on the quality of life for many Egyptians, with a large segment of the population living in poverty.
The government has sought international assistance, culminating in an $8 billion loan from the International Monetary Fund (IMF) aimed at stabilizing the economy amid escalating crises such as the conflict in Ukraine, which has affected commodity prices, particularly wheat.