As a result of severely dwindling currency reserves, the government was forced to implement a series of long-overdue austerity measures to secure a $12 billion loan from the IMF. The risks of implementing the loan program were described by the agency’s staff as “significant.” Morsi had considered these same measures but backed out after a public outcry. Sisi had little choice but to take the risk. First gas and fuel subsidies were suddenly lifted (causing price hikes of 50 percent), then the Egyptian pound was floated, plunging the currency from seven to twenty pounds against the dollar. Overnight, the price of milk, tomatoes, pasta, cigarettes, soap, water, sugar, oil, chicken, chocolate, bread, juice, toilet paper, matches, bananas, plumbing services, and household goods leapt