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Suez wage bill not being met by tolls

Suez wage bill not being met by tolls
Almaqal

A well known economics professor at Cairo University, Dr Rashad Abdou, has spoken out about how revenues from the Suez Canal are not enough to cover the wages of state employees looking after the waterway.

The annual wage bill of staff covering the canal is at least 15% higher than the $5bn in annual toll revenues. Special funds pumped in are also not enough to cover the deficit, he added. Inflation in Egypt is the leading reason for this shortfall, he argued, while appearing on local television


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The Egyptian Pound Against Foreign Currencies

58.954

47.241

46.32

25.198

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20.733

17.81

14.234

4.866

4.849

4.75

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2.168

0.16