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In the political upheaval that followed the revolt of 2011 and the army takeover two years later, as investors fled and currency reserves plunged, Egypt turned to the GCC. First Qatar and later Saudi Arabia and the UAE obliged, with more than $40bn in grants, loans and investment to prop up sympathetic governments. Meanwhile, repeated talks with the IMF broke off short of a loan accord.

Mr El Sisi is already enacting some policies the IMF typically requires as conditions for loans. Egypt slashed fuel subsidies last year and aims to cut its budget deficit by at least 1.5 percentage points to 10.5 per cent of economic output this year.The fund would be likely to require faster action on that and other issues, and that would be a good thing, according to Lutz Roehmeyer, the director of fund management at Landesbank Berlin Investment.“Investors so far have the impression that politics and reforms are moving too slowly in Egypt,” he said. “An IMF programme would increase certainty that there will be a reform agenda.”

Many economists, though, believe that the squeeze on Egypt’s finances will force the government to overcome any such scruples.“Sooner or later, we will have to resort to the IMF,” said Omar El Shenety, the managing director at the Cairo-based investment bank Multiples Group. “For credibility first, before its money.”