Egyptians Brace for More Economic Pain Despite $50 Billion IMF Rescue Package

Egypt's $50 billion rescue package reveals the depth of its economic crisis, with rising inflation forcing households to cut back on food, clothing, and other necessities.

The package secured a deal with the IMF and attracted foreign investment, but for many Egyptians it signals harder times ahead rather than economic relief.

Multiple currency devaluations over the past 2 years have eroded purchasing power, pushing even middle class families to rely more on installments and scale back on dining out.

The government has increased subsidies and the minimum wage, but higher import costs from the sinking pound mean rising prices in the near term that will hit poor families hardest.

Having gone through previous austerity programs, Egyptians are bracing for more economic pain even as the government touts its infrastructure mega-projects and relative stability.