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Egypt Faces Mounting Challenges in Generating Funds for International Debt Obligations

After external borrowing doubled during the previous eight years to help construct new capital, develop infrastructure, acquire armaments, and sustain an inflated currency, Egypt faces an increasingly difficult challenge of generating funds for international debt obligations. The tourist industry and transit fees through the Suez Canal are two of Egypt’s biggest sources of foreign exchange. But a third, remittances from Egyptians working abroad, have decreased as more people, according to bankers, have turned to the black market to repatriate their money.