Egypt needed dollar loans from the IMF to keep their part of the global dollar debt ponzi going. Everything gets restructured, refinanced, and larger, constantly.

Before giving the loan, the IMF makes the country devalue the currency to make labor cheaper and try to improve the export/import balance. And the IMF makes them do other top-down economic reforms that comply with their vision of how economics works, which generally caters to the US and Europe.

nostr:npub1trr5r2nrpsk6xkjk5a7p6pfcryyt6yzsflwjmz6r7uj7lfkjxxtq78hdpu has a big article and book that covers this process in detail:

https://bitcoinmagazine.com/culture/imf-world-bank-repress-poor-countries