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Egypt’s Suez Canal reports a record annual income of 5.585 billion dollars

CAIRO (Reuters) – Canal revenues for the current fiscal year 2017-2018 rose 11.5 percent to a record $ 5.585 billion, a Suez Canal Authority statement said on Sunday.

The statement said the previous year’s revenue was $ 5.008 billion.

However, the financial year is not yet over. The fiscal year begins in Egypt on July 1 and ends on June 30.

The channel did not explain why the figures were released before the end of the fiscal year.

The agency announced on Saturday its revenue increase in May and predicted a record high for the whole year, attributed to the growth of world trade and improvement in the shipping sector.

Egypt invested under President Abdel Fattah al-Sisi in an expansion of the Suez Canal that began in 2014 and is one of the giant projects of the former army commander aimed at reviving the economy and restoring confidence in the country’s position as a center of trade.

Egypt’s public finances have been badly hit by the unrest following the 2011 uprising that ousted former President Hosni Mubarak.

Some projects, including the expansion of the Suez Canal, have been criticized as a waste of money.

Cairo has imposed a series of tough austerity measures linked to a $ 12 billion loan program from the International Monetary Fund (IMF), which some economists say will help the economy get back on track but hurts the general public.

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