The International Monetary Fund is riding to Egypt‘s rescue. On Friday it announced a three-year loan package of $12 billion, which is expected to be boosted with many more billions from the Arab Gulf states. Egypt, mired in an economic slump with high unemployment and rising inflation, certainly needs the help. But if recent history is any guide, it‘s likely to be good money thrown after bad… IMF officials practically admitted that the new package is mostly cosmetic. The fund and el-Sissi‘s friends in the Gulf need to insist on real reform. Egypt should invest in simple infrastructure such as roads, schools and water-supply systems; make it easier for small and medium-sized business to get bank loans; and break up the military-industrial monopolies in everything from washing machines to olive oil. It also needs to end the crackdown on civil society, and move toward a free and fair presidential election.