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Monday, 9 May 2016

Finance Ministry to settle EGP 70 bn in outstanding payments by gov’t bodies over the coming weeks

The Finance Ministry plans to settle EGP 70 bn in dues owed to it by different government bodies in the coming weeks, Al Borsa reports. Collecting these dues will help stabilize the budget deficit and ensure it does not exceed the 11.5% of GDP mark, according to ministry sources. The leading culprit would be the EGPC, which owes EGP 45 bn. As part of an EGP 20 bn debt settlement with the Egypt’s National Railways (ENR), the Finance Ministry will assume a portion estimated between EGP 8-10 bn of ENR’s legacy debts, former Finance Minister and current National Investment Bank board member Momtaz El Saeed said.

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