Government proposes Suez Canal Fund to get canal revenues outside the public budget

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On Monday, the House of Representatives approved a draft law to establish a fund owned by the Suez Canal Authority to increase its ability to contribute to the economic development of the canal, according to government statements.

MPs criticized the government-proposed draft law, saying it would place new burdens on the country. Representative Maha Abdel Nasser said the draft law would negatively affect the Suez Canal. Abdel Nasser also called for the appearance of Prime Minister Mostafa Madbouly before the House of Representatives to clarify the actual economic situation of the country. Representative Muhammad Abdel-Alim Daoud said that the aim of the draft law is privatization. Representatives Ehab Mansour, Atef Maghawry, and Ahmed Farghali rejected the draft law.