From the Overview: "As of summer 2022, Egypt, like many World Bank-classified lower middle income countries, is feeling financial strain as a result of a confluence of crises. Russia's invasion of Ukraine, rising interest rates in the United States and Europe, and continued global supply chain strains resulting from the Coronavirus Disease 2019 (COVID-19) pandemic have all contributed to budgetary and inflationary pressures, forcing the Egyptian government to reevaluate long-standing policies while turning to foreign creditors for additional support. As Egypt experiences these external shocks, it is attempting to modernize its economy and reassert itself diplomatically on the regional stage. Led by President Abdel Fattah al Sisi (hereinafter referred to as President Sisi), a former military officer who took power in a 2013 takeover that many observers termed a coup, Egypt has embarked on a number of rebuilding projects, exemplified by the construction of the $58 billion New Administrative Capital (NAC[...]). In November 2022, Egypt will host the United Nations Climate Change Conference (COP27) in Sharm el Sheikh. Military modernization also is ongoing, as Egypt has become the world's third-largest importer of weapons, acquiring fighter planes and warships from Russian and European suppliers."
CRS Report for Congress, RL33003
Congressional Research Service: https://crsreports.congress.gov/