If you apply for a loan at a bank, they will look at your income, and if it is sufficient to make payments on the loan, you will qualify.
Imagine if the bank told you, “we don’t think your income is enough, but we will give you the loan if you let us control your spending so we can cut your expenses enough to enable you to make the payments. You spend too much on food, medicine, and fuel for your car. We will give you a budget for one sandwich per day; you can take medication twice a week instead of every day, and you should sell your car. You should only use your electricity 3 or 4 hours a day. You should also stop paying for your children’s school.”
You tell them, “the doctor told me I have to follow a healthy diet, and if I don’t take my medicine I will get seriously ill! I need my car to get to work! I have a baby at home and we need electricity! I can’t take my children out of school, how will they find a good job when they grow up? ”
“Look, do you want us to help you or not?”
Crazy right? No one would accept that. But that is exactly what the IMF is trying to do to Egypt right now.