Prime Minister raises doubts over whether companies will be paid back this year
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.
You might also like...
McDermott completes financial restructuring exercise
28 March 2024
Region heads for hotel boom
28 March 2024
Lowest bidders emerge for Kuwait housing project
28 March 2024
Redcon wins Red Sea Triple Bay infrastructure deal
28 March 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.