"Egypt is seeking up to $4 billion from the International Monetary Fund [IMF] to help plug the huge hole in its public finances, that opened up as a result of the economic disarray following the overthrow of Hosni Mubarak," he told the Financial Times.

Resorting to the IMF came as the Military Council ruling the country on Tuesday issued a warning that the economy was in a critical state. 

General Mahmoud Nasr, responsible for financial affairs for the army, told local media that foreign investments were down to “zero”, while poverty was rising rapidly and foreign reserves were being depleted, having fallen from $36bn to $28bn since January, the paper stressed.

The warnings appear intended to encourage people to return to work and stop the strikes and protests that have swept the country since the revolution.

'Egypt needs $12bn to boost budget' - The Egyptian Gazette