Cairo – Mubasher: The dues of the Egyptian government to the foreign oil companies have declined to $ 3.5 billion by December 2016 down from $3.6 billion by the end of previous September, said Minister of Petroleum Tarek El Molla, according to reuters.
Earlier, El Molla stated that there is an agreement between the ministry of finance and the Central Bank of Egypt to reschedule these dues and to establish a methodology to assure its settlement.
Egypt said it will direct part of the loan it obtained recently from the International Monetary Fund (IMF) towards paying the foreign companies dues.
The country received recently the first tranche of the IMF loan that amount to $2.75 billion as a part of a three years $12 billion loan.
