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Egypt's Suez Canal Annual Revenue Drops to $7.2 Bln

FILED - 17 November 2019, Egypt, Ismailia: A container ship sails through the Suez Canal. Photo: Gehad Hamdy/dpa
FILED - 17 November 2019, Egypt, Ismailia: A container ship sails through the Suez Canal. Photo: Gehad Hamdy/dpa
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Egypt's Suez Canal Annual Revenue Drops to $7.2 Bln

FILED - 17 November 2019, Egypt, Ismailia: A container ship sails through the Suez Canal. Photo: Gehad Hamdy/dpa
FILED - 17 November 2019, Egypt, Ismailia: A container ship sails through the Suez Canal. Photo: Gehad Hamdy/dpa

Egypt's Suez Canal registered revenue of $7.2 billion in its 2023/2024 fiscal year, compared with $9.4 billion in the 2022/2023 year, canal authority head Osama Rabie said in a statement on Thursday.

Since November, Houthi attacks have exacted an economic toll on global trade by forcing ship owners to route vessels away from the Suez Canal shortcut and toward the longer, more expensive route around Africa.

Rabie said the number of ships using the canal fell to 20,148 in 2023-24 from 25,911 the year before.
The Suez Canal is a key source of foreign currency for Egypt, and authorities have been trying to boost its revenues in recent years, including via an expansion in 2015. 
 

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IMF Appoints First Mission Chief to Syria in 14 Years

An International Monetary Fund (IMF) police officer directs delegates as people arrive to the building during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Tuesday, April 22, 2025. (AP Photo/Jose Luis Magana)
An International Monetary Fund (IMF) police officer directs delegates as people arrive to the building during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Tuesday, April 22, 2025. (AP Photo/Jose Luis Magana)
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IMF Appoints First Mission Chief to Syria in 14 Years

An International Monetary Fund (IMF) police officer directs delegates as people arrive to the building during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Tuesday, April 22, 2025. (AP Photo/Jose Luis Magana)
An International Monetary Fund (IMF) police officer directs delegates as people arrive to the building during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Tuesday, April 22, 2025. (AP Photo/Jose Luis Magana)

The International Monetary Fund has appointed Ron van Rooden as head of its mission to Syria, Syria's Finance Minister Mohammed Yosr Bernieh said in a written statement, making him the first country mission chief since war erupted there 14 years ago.
Bernieh said van Rooden's appointment came "following our request" and he shared a post on LinkedIn, showing himself shaking hands with van Rooden while attending the annual IMF-World Bank Spring meetings in Washington, D.C.
"This important appointment marks an important step and paves the way for constructive dialogue between the IMF and Syria, with the shared objective of advancing Syria's economic recovery and improving the well-being of the Syrian people," Bernieh wrote, according to Reuters.
The IMF press office did not immediately respond to a request for comment. A source familiar with the IMF's decisions on Syria confirmed van Rooden's appointment.
According to the IMF's website, Syria has had no transactions with the fund in the last 40 years. The last IMF mission trip to Syria was in late 2009, more than a year before protests against then-leader Bashar al-Assad erupted.
Assad's crackdown triggered a full-scale war that left much of the country destroyed before he was ousted in a lightning offensive by the opposition last December.
The new leaders have been keen to re-establish Syria's ties regionally and internationally, rebuild the country and secure the lifting of tough US sanctions to kickstart its economy.
Bernieh and Syria's central bank chief Abdelkader Husrieh are attending the annual spring meetings in Washington, the first time a high-level Syrian government team attends the meetings in at least two decades, and the first official visit by Syria's new authorities to the US since Assad's fall.
On Tuesday, the Saudi finance minister and the World Bank co-hosted a roundtable on Syria. Bernieh, in a separate LinkedIn post, described the roundtable as "very successful" and said there was "unprecedented" interest in supporting Syria's reconstruction.
A top official from the United Nations Development Program told Reuters last week the agency is planning to deliver $1.3 billion in support to Syria over the next three years.