Egypt: an economic geography The state of Egypt · 5
The heavy burden of external debt Egypt’s external debt reached its high-
est peak of US$55 billion in 1989 (Muselhi 1993: 112), when the state was
scarcely able to fulfil its debt servicing, which consumed more than 50 per
cent of the country’s hard currency reserves. The external debt decreased to
US$32 billion in the year 2000 (World Bank 2001). The persistence of external
debt is caused mainly by the chronic deficit in the foreign trade balance,
which increased by 190 per cent from 1991 to 2000/01 (CAPMAS 1994a: 282;
Ministry of Information 2002b).
The heavy burden of external debt Egypt’s external debt reached its high-
est peak of US$55 billion in 1989 (Muselhi 1993: 112), when the state was
scarcely able to fulfil its debt servicing, which consumed more than 50 per
cent of the country’s hard currency reserves. The external debt decreased to
US$32 billion in the year 2000 (World Bank 2001). The persistence of external
debt is caused mainly by the chronic deficit in the foreign trade balance,
which increased by 190 per cent from 1991 to 2000/01 (CAPMAS 1994a: 282;
Ministry of Information 2002b).
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