Prime Minister: Settling Oil Companies’ Debt Signals Strong Confidence in Egyptian Economy

Dr. Mostafa Madbouly, the Prime Minister of Egypt, announced the successful resolution of debts owed to foreign oil companies, stating that as of June 30, 2024, the outstanding amount was $6.1 billion. He emphasized that the goal was to eliminate this debt within two years, and on June 10 of this year, the government successfully settled all outstanding obligations by paying the final amount owed to these companies.

During a press conference today, the Prime Minister remarked on the positive implications of this achievement and noted that it received significant external recognition prior to domestic acknowledgment. He highlighted that this success is a testament to the seriousness of the Egyptian government and serves as a strong vote of confidence in both the government and the Egyptian economy, having resolved the debt in less than two years.