Egyptian Finance Minister Mohamed Maait said that his country's estimates indicate a decline in Suez Canal revenues by sixty percent, as a result of the Red Sea tensions that have been ongoing for 7 months.

He stated, on the sidelines of his participation in the economic policy-making conference held in Cairo, that this comes in conjunction with the increase in public expenditures.

He considered that the Red Sea crisis, in addition to the slowdown in economic activity, the decline in trade, and the restrictive policies followed to deal with the inflationary effects of global crises, all negatively affect Egypt’s tax and non-tax revenues.

Since last November, the Houthis have been launching attacks on ships in the Red Sea, while Washington and Western and European countries responded by sending warships under the banner of repelling these operations and protecting navigation.

This comes as the US Special Envoy to Yemen, Tim Lenderking, began a new tour that includes Saudi Arabia, the UAE, and the Sultanate of Oman, to continue discussions with partners regarding the peace process in Yemen, and the immediate cessation of Houthi attacks on ships.

The US State Department explained that the envoy will discuss the necessary steps to calm the current situation, noting that the ongoing Houthi attacks threaten progress towards achieving a permanent solution to the conflict in Yemen, and impede the delivery of aid to the Yemenis.

She said that Washington strongly supports permanent and comprehensive peace in Yemen, and urges a rapid return to UN-led peace efforts.

For its part, the Presidential Council stressed that the absence of real pressure from the regional and international community on the Houthi militia will make it remain a source of terrorism at home and abroad.

Presidential Council member Abdullah Al-Alimi, during his meeting with the French Ambassador to Yemen, Catherine Corme Cammon, called for support for the government to extend its control over all Yemeni territory, and to confine weapons to the state.

He renewed the leadership council's keenness to establish a just and comprehensive peace based on references, noting that the government had made many concessions to this end, in exchange for the militia's escalation and disavowal of any obligations.