The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, stated that the ministry has paid off an amount of $5.4b to cover all arrears for the fiscal year 2015/2016 in regard to purchases of equity crude oil and natural gas from foreign contractors. This is in addition to $100m of accumulated arrears from previous years, informed Ahram Online.

El Molla added that Egypt is committed to paying off all accumulated debt owed to foreign companies, with the amount decreasing to $3.4b in June 2016 after reaching $6.3b in December 2013, reported Al Masry Al Youm.

El Molla concluded that the country intends on paying a new portion of debt  during the last quarter of 2016.