From failing European economies to staggering murder rates in Central America, there’s no shortage of crises on the agenda as the International Monetary Fund holds its annual spring meeting in Washington this week. Of all the problems within the IMF’s purview, however, the ongoing economic deterioration in Egypt may be the most acute. Compared to the problems in Europe, the Egyptian economic meltdown is relatively inconsequential, yet the regional implications could be profound. While not specifically on the agenda, the crisis in Egypt may very well overshadow the conference.

The attention is well warranted. With 83 million people, the Suez Canal, and a peace treaty with Israel, stability in Egypt matters. Recognizing this, the IMF has spent the past year trying to cajole a financially struggling Egypt to accept a $3 billion loan. Despite the best of intentions, though, the loan program is at most a stopgap measure.