Egypt may fail to meet its target of paying off debts to international oil companies (IOCs) before the end of 2016, according to Prime Minister Sharif Esmail.

Speaking to reporters at the World Government Summit in Dubai Esmail told reporters that the debt would “at least [be reduced] to a very reasonable level” by the end of the year. Esmail did not offer a new target date for full repayment.

Previously the government said that it would repay its debts to IOCs by mid-2015. This deadline was then pushed back to mid-2016 and then extended until the end of the year.

Egypt currently owes IOCs around $3bn due to disruption and budget issues connected to the 2011 uprising against President Hosni Mubarak and subsequent political instability.