The Ministry of Finance’s debt to the Ministry of Petroleum and Mineral Resources (MOP) shrank to EGP 92 billion, compared to EGP 110 billion six months ago, Cabinet Spokesman Nader Saad said.

This announcement came during a meeting held by Madbouly to follow up on resolving financial entanglements between the ministries of Finance and Petroleum. The meeting was attended by the Minister of Petroleum and Mineral Resources Tarek El Molla, the Minister of Finance Mohamed Maait, and Vice Minister of Finance for Fiscal Policies Ahmed Kouchouk among others.

The development is in line with President Abdel Fattah Al Sisi’s directives to end financial debts that have been accumulating for more than a decade. Prime Minister Mostafa Madbouly added that a number of ministries and agencies have signed several cooperation protocols in this regard, noting that over the last period, a large portion of debt has been paid off.