Suez Canal revenue cut costs Egypt $800M per month: President Sissi
Container ships pass through the Suez Canal in Egypt, accessed on Mar. 18, 2025. (Adobe Stock Photo)
Egypt has been losing approximately $800 million per month in Suez Canal revenue because of regional instability and escalating military tensions, President Abdel Fattah al-Sisi said Monday evening.
Speaking at an annual military-hosted iftar (fast-breaking dinner) attended by senior officials, Sissi 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.
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.
$8 billion loan from the IMF
Finance Minister Ahmed Kouchouk confirmed Monday 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 the 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 U.S. and Israeli-linked ships “in solidarity with Gaza.”
After Israel breached a Gaza cease-fire and shut crossings in early March, blocking aid during Ramadan, the Houthis resumed strikes on Israeli vessels to pressure Tel Aviv. On Saturday, U.S. President Donald Trump ordered a “major attack” on the Houthis in Yemen in response.
