Economic Overview – Update
In recent remarks, Egyptian President Abdel Fattah El-Sisi revealed that the Suez Canal has incurred revenue losses totaling approximately $800 million as a result of the prevailing regional circumstances.
El-Sisi emphasized the challenging global environment, particularly within the Middle East, while noting that Egypt has managed to navigate these turbulent waters with a steady and strategic approach over the past fifteen years. He highlighted that the state has faced significant economic challenges, mirroring global trends, which have culminated in monthly losses from the Suez Canal’s revenues around the aforementioned figure of $800 million.
Conversely, President El-Sisi underscored positive developments within the Egyptian economy. He pointed to the recent decision by the International Monetary Fund to approve the disbursement of a new financial segment for Egypt. Additionally, he commended the resilience and solidarity of the Egyptian populace as well as the robustness of state institutions, particularly the armed forces and civil police, describing them as the cornerstone of the nation during these exceptional times.
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