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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.

Export of petroleum and related products amounted to $2.6 billion in the year 2000. In late 2001, Egypt's benchmark "Suez Blend" was about $16.73 per barrel ($105/m³), the lowest price since 1999.

In Egypt, religious music is frowned upon, but still common in Muslim celebrations called mulids. Mulids are held to celebrate the saint of a particular mosque, and is related to the Sufi zikr ritual. A type of flute called the ney is commonly played at mulids.

Warm weather and plentiful water permit several crops a year. Further improvement is possible, but land is worked intensively and yields are high. Cotton, rice, wheat, corn, sugarcane, sugar beets, onions, and beans are the principal crops. Increasingly, a few modern operations are producing fruits, vegetables and flowers, in addition to cotton, for export. While the desert hosts some large, modern farms, more common traditional farms occupy one acre (4,000 m²) each, typically in a canal-irrigated area along the banks of the Nile. Many small farmers also have cows, water buffaloes, and chicken, although larger modern farms are becoming more important.

The current Coptic Orthodox Pope of Alexandria and the Patriarch of the Holy See of Saint Mark is Pope Shenouda III; the most recent Greek Orthodox Melkite Patriarch is Patriarch Theodoros II. These positions should not to be confused with that of the Roman Catholic Pope in Rome, nor with either of the other two bishops bearing the title of Patriarch of Alexandria (one in communion with the Roman Pope and the other the head of one of the canonical Eastern Orthodox churches).

During the Greco-Roman period (332 BC–AD 639), Egyptian literature was translated into other languages, and Greco-Roman literature fused with native art into a new style of writing. From this period comes the Rosetta Stone, which became the key to unlocking the mysteries of Egyptian writing to modern scholarship. The great city of Alexandria boasted its famous Library of almost half a million handwritten books during the third century BC. Alexandria's centre of learning also produced the Greek translation of the Hebrew Bible, the Septuagint.

Coptic Orthodox Christianity is the indigenous form of Christianity that, according to tradition, the apostle Mark established in Egypt in the middle of the 1st century AD (approximately AD 60). It is the national church of Egypt. The church is one of the Oriental Orthodox churches. Its leader is the Pope of Alexandria and the Patriarch of the Holy See of Saint Mark. The current incumbent is Pope Shenouda III.

A primarily male spiritual manifestation is Sufism, an Islamic mystical tradition. Sufism has existed since the early days of Islam and is found in all Islamic countries. The name derives from the Arabic word suf (wool), referring to the rough garb of the early mystics. Sufism exists in a number of forms, most of which represent an original tarika developed by an inspired founder, or shaykh. These shaykhs gradually gathered about themselves murids, or disciples, whom they initiated into the tarika. Gradually the murids formed orders, also known as turuq, which were loyal to the shaykh or his successors. The devotions of many Sufi orders center on various forms of the dhikr, a ceremony at which music, body movements, and chants induce a state of ecstatic trance in the disciples. Since the early 1970s, there has been a revival of interest in Sufism. Egypt's contemporary Sufis tend to be young, college-educated men in professional careers.

Egypt also hosts two major religious institutions. Al-Azhar University, the oldest Islamic institution for higher studies (founded around 970 CE) with its corresponding mosque Al-Azhar. The head of Al-Azhar is traditionally regarded as the supreme leader of Sunni Muslims all over the world. Egypt also has a strong Christian heritage as evidenced by the existence of the Coptic Orthodox Church headed by the Patriarch of Alexandria, which claims a following of 50 million Christians worldwide (one of the famous Coptic Orthodox Churches is Saint Takla Haimanot Church in Alexandria

A summit was convened in Sharm El Sheik in early 2005, which was attended by Egypt, Israel, the Palestinian Authority and Jordan. The Egyptian Chief of Intelligence, General Omar Suleiman, has played a substantial role in negotiations between the Israeli and Palestinian sides and is highly respected on both sides.

The literacy rate is about 55% of the adult population. Education is free through university and compulsory from ages six through 15. Rates for primary and secondary education have strengthened in recent years. Ninety-three percent of children enter primary school and about one-quarter drop out after the sixth year; in 1994-95, 87% entered primary school and about half dropped out after the sixth year. There are 20,000 primary and secondary schools with some 10 million students, 13 major universities with more than 500,000 students, and 67 teacher colleges. Major universities include Cairo University (100,000 students), Alexandria University, and the 1,000-year-old Al-Azhar University, one of the world's major centers of Islamic learning.