CAIRO, Reuters – Egypt’s fourth quarter net debt rose by $8.1 Billion to $201 billion according to data from the central bank on Sunday.

Analysts say that Egypt was increasing its borrowing in order to cover current and future budget deficits, even prior to Russia’s February invasion of Ukraine and the U.S. Federal Reserve Rate hike in March.

Fed increases have put pressure Egypt to increase its interest rates. This has pushed borrowing costs up. The Ukrainian crisis has also increased import commodity prices and reduced tourism revenues.

Egypt raised its overnight benchmark interest rates three points in March.

The central bank data revealed that Egypt’s external debt increased from $137.4 to $155 billion in September to $145.5 million at December’s end.

According to data, foreign debt was 33.2% of the gross domestic product as of the December 31st, an increase of 32.6% in September.