CAIRO – 20 May 2024: Minister of Finance, Mohamed Maait, has revealed projections for Suez Canal revenues, to decline by around 60 percent due to tensions in the nearby Red Sea. In a statement, Maait highlighted the impact of global and regional crises on Egypt's economy, particularly through soaring inflation. This rise can be attributed to the global price hike, escalating shipping costs, and the fluctuation in the exchange rate against the dollar. Maait confirmed that the increase in public expenditures has accompanied the decline in Suez Canal revenues. Earlier in April, Minister of Planning and Economic Development, Hala El-Said announced that Suez Canal revenues witnessed a decline of 50% due to Red Sea tensions.

Source: Egypt Today May 21, 2024 03:35 UTC