Three pillars of Egypt’s economy have suffered over the last three years: tourism receipts, Suez Canal revenues, and foreign direct investment.

Terrorist attacks meant tourism takings nosedived to just $1.1bn in the first half of last year, down from $3.4bn in H1 2015 and $12.5bn in 2010 as a whole. Suez Canal revenues fell last year from $5.18bn in 2015 to $5.01bn, despite a costly $8bn expansion in August 2015.

Falling revenues meant the budget deficit soared to 12.3% of GDP for...