Egypt's external borrowing has quadrupled in the past eight years. Foreign investors have turned away from Egypt and other emerging markets.
The Egyptian pound has not moved against the dollar in three months. The shortage of hard currency has raised concerns about Egypt's ability to repay its external debt. The country has spent a lot of money on projects that will not yield the country's quick returns in foreign exchange, experts say. The government says it will meet its repayment obligations, but has not implemented the structural changes it has long pledged.