Explainer: How big are Egypt's economic challenges?
Egypt has agreed an expanded $8 billion support programme with the International Monetary Fund on Wednesday, letting its currency depreciate sharply and announcing that it would allow the exchange rate to be determined by market forces in a bid for economic stability.
Ahead of the move, Egypt secured a $35 billion investment deal with Emirati sovereign fund ADQ for the development of a peninsula on its Mediterranean coast and other projects, easing a long-running foreign currency crunch.
WHAT CAUSED EGYPT'S ECONOMIC WOES?
Some causes date back decades, such as failed industrial development due to poor planning and heavy bureaucracy, and export policies that created a persistent trade deficit.
An over-valued currency, weak property rights and institutions, and an overbearing state and military have deterred investment and competition.
A borrowing spree under President Abdel Fattah al-Sisi has left Egypt with heavy foreign debt. Foreign creditors have been shying away, pushing the Cairo government to borrow domestically even as interest rates surge, spawning bigger deficits.