The crash of the Russian airliner over the Sinai Peninsula could have serious repercussions on Egypt’s tourist sector, International Monetary Fund (IMF) Communications Department Director Gerry Rice said on Thursday.

"It is too early for us to assess fully the impact on the Egyptian economy, but clearly there could be significant effects on tourism," Rice stated in a briefing.

Rice noted that the IMF will work with the Egyptian government in the coming weeks to assess the potential impact on the significant revenue-generating sector for the country.

On October 31, an Airbus A321 operated by the Russian airline Kogalymavia crashed in the Sinai Peninsula while flying from the Egyptian resort city of Sharm El-Sheikh to St. Petersburg, killing all 224 people on board.

Russia, along with the United Kingdom and other countries, has suspended flights to Egypt following the incident when several intelligence services have suggested terrorists planted a bomb onboard the Russian aircraft.