World Courant
A authorities supply stated on Sunday that Egypt paid $1 billion in overdue dues to overseas oil firms on Monday, as the federal government seeks to repay overseas oil firms’ overdue money owed to extend pure gasoline manufacturing after manufacturing fell to 4.6 billion cubic ft per yr. day.
The supply identified that the entire contribution quantities to $4.5 billion, in response to an Worldwide Financial Fund report from March, of which Egypt paid $1.3 billion as an preliminary installment in June, then $1.2 billion in September and eventually $1 billion on Monday.
The full quantity paid was $3.5 billion, leaving roughly a billion of the entire quantity owed, along with $1 billion in curiosity on the entire quantity.
In accordance with the supply, the entire quantity is predicted to be paid in June.
The dues have been to be paid in three installments ending in October, however the Petroleum Ministry resorted to debt rescheduling till June 2025.
The top of the Planning and Finances Committee within the Home of Representatives, Fakhry al-Fiky, stated that overseas firms working in Egypt complained concerning the problem of transferring their income overseas in {dollars} or paying their worldwide obligations because of the scarcity of overseas foreign money in Egypt throughout the current interval.
Fiky identified that the decline within the trade charge of the Egyptian pound in opposition to the greenback had a damaging impression on the worth of the income of those firms, which take their earnings in kilos from the native market and switch them overseas in {dollars} .
He added that the Central Financial institution of Egypt (CBE) has obtained enormous overseas money flows of greater than 55 billion {dollars}, which facilitates the financial institution’s mission by offering the mandatory funds to import items and manufacturing wants, switch a part of the contributions from overseas firms working in Egypt function, and to pay worldwide obligations.
Fiky defined that the cost of contributions demonstrates stability within the overseas foreign money liquidity scenario throughout the banking system, which helps pay obligations at once or any chance of default – consistent with elevating Egypt’s credit standing.
Egypt pays $1 billion in contributions to overseas oil firms
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