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A series of International Monetary Fund arrangements, coupled with massive external debt relief resulting from Egypt's participation in the Gulf War coalition, helped Egypt improve its macroeconomic performance during the 1990s. Through sound fiscal and monetary policies, Cairo tamed inflation, slashed budget deficits, and built up foreign reserves. Although the pace of structural reforms, such as privatization and new business legislation, has been slower than the IMF envisioned, Egypt's steps toward a more market-oriented economy have prompted increased foreign investment. Lower combined hard currency inflows - from tourism, worker remittances, oil revenues, and Suez Canal tolls - in 1998 and the first half of 1999 resulted in pressure on the Egyptian pound and sporadic dollar shortages, but external payments were not in crisis. Despite ample reserves, the Central Bank did not provide sufficient hard currency to commercial banks and Cairo restricted imports for a short period; these developments confirmed to some investors and currency traders that government financial operations lack sufficient coordination and openness. Monetary pressures have since eased, however, with the continued oil price recovery starting in mid-1999 and a moderate rebound in tourism. Increased gas exports are a major plus factor in future growth.

Egypt has been a republic since 18 June 1953. President Mohamed Hosni Mubarak has been the President of the Republic since October 14, 1981, following the assassination of former President Anwar Sadat. President Mubarak is currently serving his fourth term in office. He is the leader of the ruling National Democratic Party. Prime Minister Ahmed Nazif was sworn in as Prime Minister on 9 July 2004, following the resignation of Dr. Atef Obied from his office.

Egypt's vast and rich literature constitutes an important cultural element in the life of the country and in the Arab world as a whole. Egyptian novelists and poets were among the first to experiment with modern styles of Arabic literature, and the forms they developed have been widely imitated. Egyptian novelist Naguib Mahfouz was the first Arab to win the Nobel Prize in Literature. Egyptian books and films are available throughout the Middle East.

The Constitution provides for freedom of belief and the practice of religion; however, the Government places restrictions on this right. According to the Constitution, Islam is the official state religion, and Shari'a is the primary source of legislation; religious practices that conflict with the official interpretation of Shari'a are prohibited. However, since the Government does not consider the practice of Christianity or Judaism to conflict with Shari'a, for the most part members of the non-Muslim minority worship without legal harassment and may maintain links with coreligionists in other countries. Members of other religions that are not recognized by the Government, such as the Baha'i Faith, may experience personal and collective hardship.

After Mohamed Naguib resigned in 1954, Gamal Abdel Nasser, the real architect of the 1952 Revolution, assumed power as President and nationalized the Suez Canal leading to the 1956 Suez Crisis. Between 1958 and 1961 Egypt and Syria formed a union known as the United Arab Republic.