President Sisi: Egypt is facing monthly losses of about $800 million in Suez Canal revenue due to ongoing crisis

CAIRO- 17 March 2025: During his attendance at the annual Iftar banquet hosted by the Armed Forces on Monday, President Abdel Fattah El-Sisi, Supreme Commander of the Armed Forces, said that Egypt is facing monthly losses of approximately $800 million in Suez Canal revenue due to the ongoing situation in the region.

The Red Sea region and the Strait of Bab Al Mandeb has seen disturbance following the US/UK attacks on the Yemeni Houthis, who announced their intention to resume attacks on Israeli ships after their deadline for Israel to allow the resumption of aid deliveries into Gaza expired. US President Donald Trump responded by US attacks that targeted various areas across the country.

President El-Sisi affirmed that Egypt has navigated the past 15 years with steady and deliberate progress, overcoming global economic crises and other significant challenges. He noted that the country is incurring monthly losses of approximately 800 million dollars in Suez Canal revenues, attributed to the current regional developments.

The President began his speech by congratulating the Armed Forces and the Egyptian people on the occasions of the 10th of Ramadan and Martyr's Day, highlighting the difficult circumstances the world and the Middle East are experiencing.

The President confirmed that the Egyptian economy is showing positive indicators, noting that the International Monetary Fund recently approved the disbursement of a new tranche to Egypt. President El-Sisi also praised the role of the Egyptian people and their cohesion, as well as the strength of state institutions, notably the Armed Forces and the civilian police, which constitute the cornerstones of the state during these exceptional times.

The President conveyed a reassuring message to the Egyptian people, acknowledging their concerns due to current developments, which demonstrates their sense of national responsibility and their keenness on the stability of the country. The President emphasized that the economic conditions have begun to improve, crediting the dedicated efforts of state institutions and the resilience of the people. President El-Sisi stressed the crucial need to accelerate efforts and press forward with planned initiatives to develop the Egyptian society.

President El-Sisi also highlighted the important role of positive and constructive media. The President had a conversation with actor Sameh Hussein, commending his program during Ramadan. The President stressed the necessity of educating generations on authentic Egyptian values and morals, emphasizing the crucial role of Egyptian media in this regard, alongside the roles of the family, schools, universities, mosques, and churches in building a strong society.

President El-Sisi directed the government to contribute to these media efforts in order to build a citizen committed to the principles and constants of society. The President lauded the efforts of the Armed Forces and their role in supporting the foundations of Egypt's national security across all strategic directions.

The Iftar (Breakfast) was attended by Speaker of the House of Representatives Hanafi Gebaly, Speaker of the Senate Abdel Wahab Abdel Razek, Prime Minister Dr. Mostafa Madbouly, Grand Imam of Al-Azhar Dr. Ahmed El-Tayeb, Pope of Alexandria and Patriarch of the See of St. Mark Pope Tawadros II, and group of senior statesmen, veteran commanders of the Armed Forces, and a number of students from the Egyptian Military Academy.