External debt · MENA region
The Debt Web
Revealing the critical reality of MENA's growing dependency on International Financial Institutions — and the profound consequences for its people.
Each strand links a lender to a country — thickness ≈ the number of conditions imposed (2010–2024). Hover a node to trace its ties.
By the numbers
Eight findings, eight ways in
Every figure below is drawn from our research on debt in the MENA region. Click any one to read the analysis behind it.
A path forward
Not only a diagnosis — a working alternative
Our research doesn't stop at the problem. One proven model points a way out: cooperative banking — member-owned banks that reinvest a community's own savings as loans within that same community, serving inclusive development instead of shareholder profit.
It isn't theoretical. In Kenya, member-owned SACCOs already provide up to 90% of the country's housing finance — and Egypt pioneered the model with the Mit Ghamr Savings Bank back in 1963.
A four-step roadmap for Egypt
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Legal & regulatory framework
A modern, enabling legal framework built specifically for cooperative banks — one that recognises their member-owned nature and provides appropriate oversight.
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Build on existing structures
Use Egypt's extensive network of existing agricultural cooperatives as the foundation for a new generation of rural cooperative banks.
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Create a three-tier structure
A local → regional → national hierarchy, modelled on the proven systems of Japan and Germany, to guarantee support and liquidity.
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Capacity building & training
Programmes to train staff and board members in cooperative governance and sound financial management.
Our approach
A call for a just financial architecture
Our research moves beyond simple economics to address the human impact of debt. We analyze how the policies of International Financial Institutions disproportionately affect marginalized communities and hinder national sovereignty.
We ask not just if a country can repay its debt, but who bears the cost of that repayment.
By applying a feminist perspective and focusing on social equity, this work challenges the conventional frameworks that govern debt. We advocate for comprehensive reforms, including debt relief and equitable resource distribution, to build a more just and sustainable future for the MENA region.
Explore the research
Inside IFI Economics
- 01 Interactive Infographics Data-driven stories on the debt crisis — country deep dives on Egypt, Jordan, Morocco and Lebanon, plus policy briefs and workshop guides.
- 02 إنفوغرافيك تفاعلي بالعربية قصص مدفوعة بالبيانات حول أزمة الديون في الشرق الأوسط وشمال أفريقيا، باللغة العربية.
- 03 IMF Conditionality Explorer An interactive database to explore, filter and download IMF conditionalities in the MENA region — in English and Arabic.
- 04 Upcoming Research Forthcoming analysis on IMF policy, climate justice, cooperative banking, housing, and labor mobility.
- 05 Journal Peer-reviewed publishing on the political economy of debt and development.
- 06 About the Project The mission, the feminist economic lens, and the researcher behind IFI Economics.