Egypt will make another payment toward its arrears to international oil companies (IOCs) before the end of 2017, the Minister of Petroleum and Mineral Resources, Tarek El Molla, said, according to Reuters.
The statement echoes a statement last month by the Prime Minister, Sherif Ismail, committing the country to another payment this year, Al Mal News reported at the time.
The amount of the payment was not specified.
Earlier this year, the government made a $2.3 billion payment to IOCs, reducing its total arrears to $2.2 billion. Egypt’s back payments to IOCs reached a high of $6.3 billion in 2015, according to Al Borsa.
If Egypt maintains its current payment rate, it will pay off its arrears within two years, El Molla previously said, according to Reuters.
“It is hard to determine a specific date but we imagine that if the current rate of payment continues we will be able to reach zero external debt within two years,” El Molla stated.