Regarding the economy, Egypt was a profoundly centralized, planned, and economy centered on import replacement under the rule of President Gamal Abdel Nasser. At the end of the 20th century, a number of International Monetary Fund arrangements along with huge external debt relief arising from the participation in the Gulf War alliance assisted Egypt in improving its macroeconomic condition. Since 2000, the velocity of structural reforms, including monetary policies, fiscal, taxation, new business legislations, and privatization boosted foreign investment and made it possible to move towards a more market-focused economy. Hence, both the policies and reforms have bettered annual macroeconomic growth that averaged 8% yearly from 2004 to 2009. Nevertheless, the government failed to distribute the wealth equitably and, thus, the advantages of growth have declined to trickle down to better economic conditions. After the revolution occurred in 2011, Egypt’s foreign exchange reserves decreased from $36 billion to only $16.3 billion in 2012(“S&P Downgrades Egypt’s Credit Rating”). Additionally, in February 2012 Standard & Poor’s rating firm reduced the country’s credit rating in the long-term. Soon, In 2013, this agency lowered Egypt’s credit rating even more on worries concerning the country’s ability to maintain social peace and meet the financial targets more than two years after expelling its president in an ushering, and uprising, in a new period. Even at present, economy of the country remains unstable.
Egypt 