Browsing: suez canal

After meetings to review the financing program for Egypt, the International Monetary Fund issued a statement on the country’s economy. There has been progress with the implemented reforms, reflecting on the balance of exchange rates and inflation, but the regional environment, with the conflict in Gaza and attacks in the Red Sea, impacts the economic landscape.

Egypt’s Suez Canal remained obstructed for around a week because of a stranded ship. This is expected to cause delays in the delivery of goods from Brazil to some Arab countries. The Canal is one of shortest shipping routes between Brazil and the Gulf.

A ship that had blocked the Egyptian canal for the past seven days was cleared on Monday, 29, as the result of maneuvers. According to canal authorities, it will be three days before other ships can sail through the Suez Canal.

Brazilian Secretariat for Ports director of New Concessions and Port Regulation Policies Fabio Lavor said that despite the pandemic, the highest industry throughput on record is expected this year. He spoke during a webinar hosted by the Arab Chamber and the Union of Arab Chambers this Wednesday (12).