Cairo: Egyptian President Abdel Fattah El-Sisi confirmed on Monday that his country is incurring monthly losses estimated at approximately $800 million in Suez Canal revenues due to the situation in the region.

According to National Iraqi News Agency, El-Sisi stated, through a statement from the Egyptian presidency, that despite these losses, Egypt’s economy is showing positive indicators. He highlighted the International Monetary Fund’s recent approval to disburse a new tranche to Egypt as a sign of economic resilience.

El-Sisi further remarked that Egypt has managed to progress with steady and measured steps, even in the face of significant challenges over the past years, which include widespread economic crises affecting the global economy.