POLITICS: Digital Payment Systems & Liquidity Crises in MENA Egypt's cash shortage reflects a pattern seen across MENA: countries with external debt exceeding 80% of GDP often experience liquidity crises that technical solutions alone cannot resolve. Between 2016–2023, Egypt's foreign reserves fluctuated from $16.4B to $33B, correlating directly with Central Bank policy shifts rather than e-payment adoption rates. While digital transaction infrastructure (mobile money adoption grew 340% regionally 2015–2022) improves tax collection and reduces black market activity, structural issues—subsidy burdens, import-dependent economies, capital flight—require political consensus on fiscal reform. The distinction matters: conflating monetary tools with political will prevents policymakers from addressing root causes, prolonging volatility cycles that destabilize currency pegs and purchasing power across vulnerable populations.