Egypt Owes EGP 121b to EGPC

Egypt Owes EGP 121b to EGPC

Parliamentary sources said that the dues owed by governmental agencies to the Egyptian General Petroleum Corporation (EGPC) amounted to EGP 121b at the end of the past fiscal year 2015/2016, according to Daily News Egypt.

The sources added that the Ministry of Electricity’s dues are the highest, at almost EGP 51b, followed by the Ministry of Finance with EGP 30b.

In addition, EGPC recently submitted a complaint to the parliament, highlighting that Egypt Air’s dues reached EGP 5.371b in the last fiscal year, while the Egyptian National Railways’ arrears amounted to EGP 2b

According to the sources, the delay of payment caused EGPC to bear additional interest amounting to EGP 3.828b. Hence, the dues owed by the EGPC to foreign partners reached EGP 80b in 2015/2016, noting that EGPC is working on paying the dues at the same time it is paying for new shipments.

Furthermore, the sources mentioned that the parliament’s Planning and Budget Committee will begin, in 2017/2018, investigating the financial complications between different government agencies. These investigations will be supervised by the ministries of finance and planning.

Mahinaz El-Baz 317 Posts

Mahinaz El Baz received her MSc degree in Foreign Trade Economics from Helwan University in 2016. She has two years of experience in journalism and four years of experiance in economic analysis. She received the "Best Economic Article Award" in 2016 from CFA Society Egypt.

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