Egypt reveals $800 million monthly loss in Suez Canal revenues due to regional tensions

Egyptian President Abdel-Fattah El-Sisi disclosed that the country is losing approximately $800 million per month in revenue from the Suez Canal due to the ongoing regional tensions. He made this announcement during the annual Iftar banquet hosted by the Armed Forces.

El-Sisi reflected on the challenges faced by Egypt over the past 15 years, highlighting the significant economic crises that have affected the global landscape. Despite these challenges, he emphasised that Egypt had taken “steady and well-planned steps” to address its economic difficulties. The president also pointed out that the nation’s economy is showing signs of recovery, citing the recent approval by the International Monetary Fund (IMF) to release a new financial tranche to Egypt, which bodes well for the future.

The President commended the unity of the Egyptian people and the strength of state institutions, particularly the Armed Forces and Civil Police, for their role in maintaining national stability. He also called for continued efforts to advance Egypt’s societal development, and emphasized the importance of strong family structures, schools, universities, mosques, and churches in building a solid and prosperous society.