Egypt reveals the extent of its losses due to the conflict in the Red Sea

Egypt – Egyptian Prime Minister Mostafa Madbouly confirmed that Egypt bears the greatest damage as a result of the conflict in the Red Sea region.

The Egyptian Prime Minister explained that these events caused the Suez Canal’s revenues to decline to more than 50% of its annual revenues, stressing the inevitability of stopping the war in Gaza to prevent its expansion.

During his meeting with a delegation of members of the Ways and Resources Committee of the US House of Representatives, which includes representatives of the Republican and Democratic parties, headed by Jason Smith, Madbouly stressed the inevitability of reaching an immediate ceasefire in the Gaza Strip and the necessity of increasing access to humanitarian aid, stressing that Egypt is making every effort to reach a solution. Immediate ceasefire.

The Prime Minister also affirmed Egypt’s keenness to continue the strategic partnership it has with the United States of America, noting the many aspects and areas of cooperation existing between the two countries on the basis of mutual respect and common interest, stressing at the same time the close relations between the two sides at the level of the US Congress, with its Republican and Democratic parties, according to whether.

Madbouly said that the economic repercussions of the regional and international crises all require the two countries to work to strengthen this strategic partnership, and to intensify all forms of coordination and joint work with the aim of establishing peace and security, as the two countries have succeeded in doing over the past decades.

During the meeting, the Prime Minister presented the repercussions of the successive regional and international crises on the Egyptian economy, including the Corona pandemic crisis, then the Russian-Ukrainian war, and finally the ongoing war in the Gaza Strip and developments in the Red Sea, explaining that before the outbreak of these successive crises, the performance indicators of the Egyptian economy were very positive. . He added that in addition to these crises, Egypt is facing the repercussions of the crises experienced by some neighboring countries.

He explained the intensive efforts made by the Egyptian government in order to maintain the solidity and flexibility of the national economy in the face of such external shocks, including continuing work on implementing structural reforms aimed at increasing production and exports from priority areas for the Egyptian state, in the sectors: industry, agriculture and communications. and information technology, as well as the measures that are being implemented to pave the way for the private sector and expand the scope of its contribution to economic activity, in accordance with what is contained in the state ownership policy document, and the rules of competitive neutrality. Dr. Mostafa Madbouly explained that as part of the efforts made by the Egyptian government to enhance the effectiveness of the national economy in line with global economic standards, it succeeded in reaching a financing agreement with the International Monetary Fund worth $8 billion, and signed an agreement regarding it at the expert level, noting that this agreement It is a certificate of confidence from a major international institution such as the International Monetary Fund that the Egyptian economy is capable of achieving positive performance indicators.

He reviewed the major projects being implemented in Egypt, stressing that these projects aim to lay the foundations for a better life for the Egyptian people, create job opportunities, especially for youth, and develop the necessary infrastructure to attract and encourage investments.

The Prime Minister stressed that Egypt attaches great importance to renewable energy and green hydrogen projects, and has already succeeded in concluding many international partnerships in this field, including projects with American companies, noting in this regard that Egypt aims to export electricity and hydrogen fuel to neighboring countries, including Countries of the European continent. He expressed his appreciation for the support provided by the United States of America to Egypt in the economic field, and his aspiration to continue this support and joint cooperation in the coming years.

The Prime Minister expressed Egypt’s openness and readiness to continue close consultation with the American administration regarding various aspects of the crisis, based on a shared vision of the inevitability of reaching a just and lasting solution to the Palestinian issue based on the two-state solution and supporting the legitimate rights of the Palestinian people, most notably their right to self-determination and the independence of their state along the Fourth Line. Since June 1967, its capital is East Jerusalem.

Source: RT