Another currency crisis beckons for Egypt. The North African nation lacks the necessary foreign currency reserves to finance essential imports, including wheat, other food stuffs, and machinery for its textile industry. Yet again, the International Monetary Fund is set to provide a bailout.

Since 1977, Egypt and the IMF have entered into nine financial assistance agreements that included promised economic reforms. Since 1977, few promised macroeconomic reforms have been implemented in Egypt. Don’t be surprised.