Egypt Starts Repayment of $1.5 Billion in Oil Company Arrears

The Egyptian government announced on Tuesday that it has initiated the repayment of outstanding debts to international oil and gas firms active within its borders, allocating up to $1.5 billion for this purpose. 

According to a statement from the cabinet, the payments that have commenced represent approximately 20% of the total arrears owed to these companies. 

The government plans to settle the remaining dues through a structured payment agenda. This move comes in the wake of Egypt's severe foreign currency shortfall that began in early 2022, leading to certain import and government payment constraints.