El-Sadat Disapproves Receiving the Canal Fees in Advance from Shipping Companies

Anwar El-Sadat, Head of Reform and Development Party (RDP) expresses disapproval towards the trend adopted by Suez Port Authority. The Authority’s trend is to receive the crossing fees from shipping companies in advance. Press releases are highlighting an initiative by the Authority to have the average crossing fees in advance for three years as a deposit at the disposal of the Authority in return for a discount rate 3% of the value of the fees.

El- Sadat expresses concern that this act would result in deterioration in the revenues of the Authority. Further, the Authority has witnessed deterioration in the revenues last year. 
El-Sadat added that the Authority is not responsible for sorting a way out for the foreign currency crisis the country is now undergoing. Consequently, the initiative of the authority will result in more indirect debts. The dollar crisis will only be solved by having real economic revival, increase in local production and providing competitive Egyptian products to decrease importation. 


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