Egypt losing $800 mln monthly in Suez Canal revenues due to regional tensions: El-Sisi at Armed Forces annual Iftar
President Abdel-Fattah El-Sisi announced Monday that Egypt is losing monthly approximately $800 million in Suez Canal revenues due to ongoing regional tensions.
This came during the annual Iftar banquet hosted by the Armed Forces.
The event was attended by Prime Minister Mostafa Madbouly, Commander in Chief of the Armed Forces and Minister of Defence and Military Production General Abdel Mageed Saqr, Grand Imam of Al-Azhar Ahmed El-Tayyeb, and Pope of Alexandria and Patriarch of the See of St. Mark Pope Tawadros II, among others.
The president emphasized that Egypt has taken 'steady and well-planned steps despite the challenges it has encountered over the past fifteen years,' pointing to the economic crises that have inflicted the world.
According to the Egyptian presidency, El-Sisi further highlighted that the country's economy is promising, citing the International Monetary Fund's (IMF) recent approval to release a new financial tranche to Egypt.
Furthermore, the president stated that the Egyptian economy is showing signs of recovery, driven by the dedication of state institutions and the perseverance of the people.
He also lauded the unity of the Egyptian people and the strength of state institutions, underscoring the pivotal role of the Armed Forces and Civil Police in maintaining stability during these critical times.
Meanwhile, El-Sisi stressed the importance of intensifying efforts and taking well-planned steps to advance Egyptian society's development.
During the event, the president praised the Armed Forces' efforts in strengthening Egypt's national security in all strategic directions.
In a conversation with actor Sameh Hussein, the president emphasized the importance of constructive and beneficial media and praised his Ramadan programme 'Qatayef.'
He emphasized the need to instil authentic Egyptian values and morals into future generations, highlighting the crucial role of Egyptian media in this aspect.
President El-Sisi stressed the importance of families, schools, universities, mosques, and churches in building a solid society.
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