Suez Canal witnessed a decline of 55% on annual basis in shipping volume during the first 7 days ending February 13, 2023, according to a statement by Director of the Communications Department of The International Monetary Fund (IMF), Julie Kozack during a press briefing.

However, the shipping volume going through the Cape of Good Hope have increased by nearly 75%, she added.

Recently, the Chairman of the Suez Canal Authority, Osama Rabie, disclosed that because of red sea’s attacks, the Suez Canal's revenue experienced a decline in January 2024. The revenue dropped by 46.7%, amounting to $428 million compared to $804 million in January 2023.

In the past few weeks, Egypt has lost around $150 million in Suez Canal revenues “so far” as shipping companies divert cargo from the North African trade route due to Red Sea tensions and disruptions, according to Bloomberg’s Chief Emerging Markets Economist Ziad Daoud.

Regarding the results of the ongoing discussion for the first and second reviews under the reform program supported by the IMF, Kozack stated that the IMF staff and Egyptian officials continue to make excellent progress on the discussions of a comprehensive policy package.

This is in order to reach a staff-level agreement for the combined first and second reviews under the reform program supported by the IMF.

Kozack also stated that the IMF team and the Egyptian authorities have agreed on the main elements of a program and the authorities have expressed a strong commitment to it.