The Central Bank of Egypt’s (CBE) Assistant Deputy Governor, Rami Aboul Naga, stated that Egypt paid total $1.5b in arrears to international oil companies (IOCs) in May and June, reported Al Ahram Newspaper.

Abul-Naga said that a payment of $750m was made in the past couple of days, making this the second payment of debts by Egypt in two months as Egypt paid off $750m of its debt to IOCs last May.

Abul-Naga stressed that Egypt is committed to paying off all its financial obligations, adding that in June it will pay an installment of $700m to the Paris Club, which is an informal group comprised of officials from 20 creditor countries that works in cooperation with the International Monetary Fund (IMF).

CBE’s Governor, Tarek Amer, previously stated that the country was committed to making a second payment of the same amount in the beginning of June. Prior to the latest payments, Egypt had outstanding dues of about $3.5b to IOCs.

Abul-Naga’s statements came following a CBE announcement that foreign reserves have risen to $31.125b at the end of May, nearing pre-2011 reserves, which were estimated at $36b.