Egyptian President Abdel Fattah al-Sisi has stated that regional instability costs the country roughly $800 million monthly in Suez Canal revenue, though he noted the African nation’s economy shows signs of improvement.
Speaking at an annual military-hosted iftar attended by senior officials, Sisi acknowledged the “difficult circumstances” facing the world and the Middle East, according to a presidency statement.
Despite these challenges, he said Egypt has moved forward “with steady, well-planned steps” over the past 15 years, overcoming economic crises that have affected the global economy as well.
The president underscored the canal’s financial hit, saying, “The state incurs monthly losses of about $800 million from Suez Canal revenues due to the region’s situation.”
Yet he pointed to “positive indicators” in Egypt’s economy, including the International Monetary Fund’s recent approval of a new $1.2 billion tranche.
Finance Minister Ahmed Kouchouk confirmed that the IMF’s executive board greenlit the fourth review of Egypt’s $8 billion loan program.
Egypt previously secured $347 million from the first review and $820 million each from the second and third, totaling $1.98 billion to date.
The IMF deal, initially a $3 billion loan tied to economic reforms in November 2022, expanded to $8 billion in March 2024 as the Gaza war strained Egypt’s finances.
In late December 2024, the presidency reported in a statement a $7 billion drop in Suez Canal revenue for the year, blaming Red Sea and Bab el-Mandeb Strait tensions that disrupted shipping and global trade, following a meeting with canal chief Osama Rabie.
Official data pegged 2023 earnings at $10.25 billion, though 2024 totals remain undisclosed.
Houthi attacks escalated in January 2024, targeting US and Israeli-linked ships “in solidarity with Gaza.”
After Israel breached a Gaza ceasefire and shut crossings in early March, blocking aid during Ramadan, the Houthis resumed strikes on Israeli vessels to pressure Tel Aviv. On Saturday, US President Donald Trump ordered a “major attack” on the Houthis in Yemen in response.
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