Hapag-Lloyd insists on avoiding Suez Canal due to Houthi attacks on ships

The Managing Director of the International Monetary Fund, Kristalina Georgieva, said last Thursday that the Egyptian economy is facing challenges due to the wars in Gaza, Lebanon and Sudan, amid the loss of 70% of the revenues of the Suez Canal.

“We were very open to adjusting the Egyptian programme or any other programme to what best serves the people,” Georgieva said. “But let me say that we will not be doing what needs to be done for the country and the people of the country if we pretend that the action that needs to be taken can be bypassed.”

The Egyptian government has asked the International Monetary Fund to postpone the implementation of some of the reforms agreed upon in the loan approved by the Fund last March, totaling eight billion dollars, which requires liberalizing fuel and energy prices and reducing subsidies provided to citizens.

Source: Reuters + Al-Araby Al-Jadeed