Human Rights Watch has said that Egypt is seeking to obtain a new loan from the International Monetary Fund (IMF) to address the repercussions of the sharp increase in prices, explaining that President Abdel Fattah El-Sisi asked Western governments to help him avoid certain IMF conditions.
The rights group said that the IMF’s recent loans to Egypt, worth $20 billion, have caused changes in economic policy that have increased the cost of living for low-income people and have done little to address structural problems, including the heavy interference of the military in the economy. It added that El-Sisi is resisting the IMF calls for further subsidy cuts. However, it explained, El-Sisi’s apparent interest in protecting people from the crisis contrasts with his history of implementing economic policies that mainly benefit the elite. It said that European governments should not help Egypt continue to sidestep the IMF efforts to address problems such as the military’s economic interference.