Egypt signed a $12bn deal with the IMF in 2016, yet its poverty rate has climbed five percentage points since 2015, to 33%
the first time in years that Lebanon has wanted to turn down a loan. With the economy in free fall the country’s new government, seated in January after months of horse-trading, has reluctantly turned to thefor help. They held a first round of talks on February 20th. For now Lebanon seeks only technical advice on managing a public debt that exceeds 150% of. Politicians are keen to resist money from the fund, because it would come with strings attached. But it may be necessary.
Yet none of these countries looks to be emerging from crisis. Poverty is increasing. Unemployment remains high. Reforms were meant to unlock a flood of new investment, but it has yet to materialise. In 2011, as Arabs rose up in disgust against their leaders, Masood Ahmed, then-director of the’s Middle East programme, acknowledged the need for more “inclusive growth” in the region. But the recipients ofIn the short term the pain is predictable.
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