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Egypt’s Suez Canal Hit by Attacks, But Strong Growth Offers Buffer

Eriki Joan UgunushebyEriki Joan Ugunushe
February 11, 2024
in Government
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Egypt’s Suez Canal Hit by Attacks, But Strong Growth Offers Buffer
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Egypt’s crucial Suez Canal has taken a hit from recent attacks on ships in the Red Sea, but the country’s finance minister says the blow won’t be too hard thanks to a strong financial cushion.

Mohamed Maait, Egypt’s finance chief, explained that the canal’s income, a major source of revenue for the nation, has indeed been impacted by the attacks. However, he also shared some good news: the impact can be partially absorbed because the canal was performing well before these incidents. In other words, the canal had built up a “rainy day fund” of sorts, thanks to its previous success, allowing it to weather this current storm.

Egypt’s Suez Canal Hit by Attacks, But Strong Growth Offers Buffer

Maait also highlighted another positive development: the government’s increasing reliance on the private sector for project spending. This means the government isn’t solely responsible for funding infrastructure and other initiatives, reducing the burden on its budget. In fact, project spending has actually decreased by 10% in the past seven months, further easing financial pressure.

So, while the attacks are certainly a concern, Egypt seems to be in a good position to handle them. The strong performance of the Suez Canal before the attacks, combined with the government’s shift towards private sector involvement, provides a buffer against the negative effects. This is good news for both Egypt and the global economy, as the Suez Canal is a vital artery for international trade.

Tags: But Strong Growth Offers BufferegyptEgypt's Suez Canal Hit by Attacksfederal charactergovernmentNews
Eriki Joan Ugunushe

Eriki Joan Ugunushe

Eriki Joan Ugunushe is a dedicated news writer and an aspiring entertainment and media lawyer. Graduated from the University of Ibadan, she combines her legal acumen with a passion for writing to craft compelling news stories.Eriki's commitment to effective communication shines through her participation in the Jobberman soft skills training, where she honed her abilities to overcome communication barriers, embrace the email culture, and provide and receive constructive feedback. She has also nurtured her creativity skills, understanding how creativity fosters critical thinking—a valuable asset in both writing and law.

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