Egypt’s Gas Shortage Brings New Risks After Massive Bailout
- Nation needs more fuel to prevent blackouts during hot summers
- Domestic resources have diminished since export boom in 2022
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A $50 billion bailout has helped ward off a worsening of Egypt’s economic crisis. Now, a growing energy shortage risks draining the vital foreign currency reserves it needs to pull off a recovery.
The Arab world’s most populous nation is in the fragile early stages of an economic turnaround after massive funding pledges handed the country’s leadership prospects of a fresh start. President Abdel-Fattah El-Sisi’s next challenge is to tackle the power blackouts that gripped Egypt last year and caused widespread public discontent.