In a recent press conference, Prime Minister Mostafa Madbouly stated that between 20% to 25% of the value of arrears due to foreign companies have already been paid, depending on each company’s arrears.

Madbouly noted that there is a mandate for the new Minister of Petroleum and Mineral Resources Karim Badawi to meet with all companies and develop a plan to come up with a timeline to settle all arrears, which has already been done over the past two days.

Badawi has already held meetings with heads of companies and foreign partners in Egypt to develop this plan and it will be presented to the Prime Minister.

In the same context, Madbouly pointed out that Egypt also went through this situation in 2016, during which arrears reached $6 billion, and it took four years to pay them.

He further emphasized that there is confidence among companies that the state will pay all dues.

Madbouly explained that he asked Badawi to complete the required plan for scheduling arrears within the first month after his appointment and assured that the government would commit to it after discussing it during the coming period.