Since the 2011 Arab Spring uprising, the Egyptian state has struggled to control its balance sheet and suffered grave deficits. This has led to a spree of borrowing from abroad in an attempt to save the value of the Egyptian pound (EGP) and restore economic growth to stabilise a country that suffered from a failed democratic transition process which undermined its economic strength. By the end of 2011, Egypt’snational debt was around $36 billion USD at 75% of GDP. Today, Egypt’s foreign debt has ballooned to nearly $140 billion USD at 90% of GDP. To keep up with such deficits, Egypt has worked…