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Egypt has had a problem with debt for quite some time. Since the Second World War, the country has typically run a trade deficit importing more than they export. This has been partially offset by transfers from abroad, such as aid from foreign governments and remittances from Egyptians working in other countries. Tourism has additionally been an important source of foreign exchange for the country, with millions visiting Egypt each year, mostly from Europe, Asia, and other Arab countries. In 2016, The Egyptian president Sisi sealed a deal with the IMF for a $12 billion loan. This bailout was granted on the condition that Egypts currency would float freely. The Egyptian Pound halved in value in a matter of weeks, causing inflation to rocket. Harsh austerity measures were implemented including cuts to energy subsidies to try and restore government finances. Everything was going reasonably well until the pandemic hit in 2020. This destroyed the tourism ind