Between Debt Swaps and IMF Reform: The Political Economy of External Dependence in Egypt
Egypt’s reliance on IMF support, Gulf investments, and debt swaps has prevented immediate collapse but deepened structural dependence. While these mechanisms provide short-term liquidity and ease foreign currency pressures, they fail to resolve entrenched imbalances and military dominance. The Ras El-Hekma deal epitomizes this trade-off between stabilization and sovereignty.
