Egypt struggling to fund fuel imports

Egypt: Egyptian petroleum ministry is facing difficulties trying to finance needed fuel imports required to operate power stations, Ahram has reported, citing an unnamed ministry official. The ministry suffers liquidity problems preventing it from covering the cost of importing petroleum products, as it is owed EGP151bn (around $21.6bn) by other governmental bodies, the official said. The ministers of petroleum, finance, and electricity will meet in the coming days to discuss how to finance the government’s fuel imports, said the official. []

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