Egypt Pays Down Debt

Wednesday, August 31, 2016

Tarek El Molla, Egypt’s Minister of Petroleum and Mineral Resources, revealed that the ministry has paid off an amount of $5.4 billion to cover all arrears for crude and natural gas purchased from operators in the country. The $5.4 billion covers the 2015/2016 fiscal year.

This is in addition to $100 million of accumulated arrears from previous years, according to an Ahram Online report.

The Minister also said that the government was committed to paying off all accumulated debt owed, with that amount decreasing to $3.4 billion in June 2016.

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