Egypt’s PM reviews financing plans for strategic oil reserves, foreign partner payments

Egypt’s Prime Minister Moustafa Madbouly on Tuesday reviewed financial arrangements to secure strategic petroleum reserves and ensure timely payments to foreign partners in the oil sector.

The meeting was attended by Central Bank of Egypt (CBE) Governor Hassan Abdalla, Finance Minister Ahmed Kouchouk, and Petroleum Minister Karim Badawy.

Madbouly stressed coordination between the government and the CBE to maintain economic stability, secure foreign currency needs and ensure the continued flow of essential imports and production inputs.

The meeting reviewed foreign currency availability for the energy sector and reaffirmed the government’s commitment to regular payments to foreign partners in line with agreed schedules to support investment stability and cooperation in exploration and production.

It also examined mechanisms to maintain sufficient strategic stocks of petroleum products and ensure supply chain stability amid geopolitical uncertainties.

Madbouly called for closer coordination between fiscal and monetary policy and stronger inter-ministerial cooperation to enable faster responses to economic developments and support macroeconomic stability.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser