Egypt’s middle class cuts costs as IMF-backed reforms take hold

Egypt’s economy, in crisis for years, is undergoing IMF-backed reforms leading to an eroding middle class struggling to afford basics due to depleted purchasing power, with measures such as fuel price hikes and subsidy cuts. Amid mounting pressures, including a quadrupling of foreign debt and revenue loss from the Suez Canal, officials have hinted at potentially re-evaluating the IMF programme if public opinion is adversely affected. The reforms have significantly impacted living conditions, prompting calls for a slower, more gradual implementation, despite the IMF touting long-term benefits and the potential unlocking of new financing.

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