Abstract
Egypt was firmly ensconced by the early 1980s in the ranks of the Third World's more dependent, financially troubled economies. The country's total foreign debt, under $3 billion in 1973, had grown to 16 billion by 1979. In 1982–83, the external debt was estimated at $20 billion, with the servicing of medium and long-term obligations absorbing more than one-third of export earnings. The terms of trade were also moving against Egypt as its major exports lost value. A trade deficit, registered largely with EEC countries and the United States, stood at the equivalent of $4.7 billion in 1982–83.
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