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Less than four years after the death of President Gamal Abdel Nasser, his successor, President Anwar Sadat decided that the best solution to Egypt’s economic problems was to abolish the Socialist system his predecessor, Nasser, believed in and was loyal to until his death on September 28, 1970. Sadat’s meetings with representatives of the World Bank and the International Monetary Fund (IMF), meant to secure loans to help revive the economy, ultimately led to major changes in Egypt’s economic regime - abandoning the socialist system and embracing a free-market capitalist system. In those meetings following the October 1973 war that led to near bankruptcy in the Egyptian treasury, Sadat had to choose between moving forward with the socialist approach that began with the July 1952 revolution or going along with the two international institutions’ terms to secure those loans and he chose the latter, thereby abolishing of the government’s subsidies and floating the prices of

United statesUnited kingdomGulf newsUnited arab emiratesHigh damSuez canalAs suwaysJosel barrosMohammed aliAnwar sadatGamal abdel nasserKing farouqInternational monetary fundArab socialist unionWorld bankImage credit