2023–2024 Egyptian financial crisis

The 2023–2024 Egyptian financial crisis was an economic crisis that hit Egypt beginning in 2023 that led to the Egyptian government and the Central Bank of Egypt devaluing the Egyptian pound. Due to a continued shortage of foreign exchange in the face of increasing external public debt service payments and the absence of measures to boost foreign exchange reserves, the country's debt capacity significantly declined during the crisis.

The crisis was largely resolved in 2024 through a combination of large-scale foreign investment, multilateral aid, and sweeping economic reforms. A $35 billion deal with the United Arab Emirates to develop the Ras el-Hekma coastal region, along with $22 billion in support from the International Monetary Fund, European Union, and World Bank, provided critical foreign currency inflows that averted a debt default and stabilized the economy. In exchange, Egypt implemented a free-floating exchange rate, tightened fiscal policy, and renewed its stalled privatization program, aiming to reduce state dominance and attract sustainable foreign direct investment.