Minister of Finance, Mohamed Maait, said that there are estimates that Suez Canal revenues will decline by almost 60% due to tensions in the Red Sea region.

Minister Maait highlighted the impact of global and regional crises on inflation, which has led to an increase of around $4 billion in the monthly import bill.

He emphasized that the expenditure on supporting petroleum resources has surged, nearing EGP 200 billion.

This rise can be attributed to the global price hike, escalating shipping costs, and the fluctuation in the exchange rate against the dollar.

The decline in Suez Canal revenues has been accompanied by an increase in public expenditures, Maait disclosed.

This is due to the additional financial burdens the state treasury faces, including higher financing costs resulting from the rise in interest rates and changes in the exchange rate.

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.