Speaking in Dubai earlier this week, the prime minister said his government would instead reduce the debt “to a very reasonable level.”
Reeling under the pressure of lower oil and gas revenues, Egypt owes the operators in the country a sum of some USD 3 billion, down from around USD 6.3 billion in 2014. It had intended to repay the outstanding debt by mid-2015, a deadline that was subsequently pushed to mid-2016. While committed to make the year-end 2016 deadline, the prime minister’s statements cast fresh doubts of the country’s ability to make good on its promise.
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