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Mahmud Esmat Explains Electricity's Petroleum Debt
Engineer Mahmoud Essam, Minister of Electricity and Renewable Energy, revealed the existence of an approximately 388 billion Egyptian pounds debt between the Ministry of Electricity and the Ministry of Petroleum. The ministry is paying over 20 billion pounds monthly to finance energy supplies, with part of these dues covered from electricity bill revenues and government support. He explained that the debt settlement plan aims to clear this debt within two years by borrowing 100 billion pounds to pay off some of the obligations, which will be deducted from the Ministry of Electricity's accounts with the Ministry of Finance. Additionally, he pointed out that there are receivables amounting to about 60 billion pounds owed by government entities, which are to be paid over periods of up to six months, with the goal of gradually resolving the financial entanglements between the parties.
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