Emirati Independent gas company, Dana Gas, has received $60 million in late payments from the Egyptian government. This sum, which was announced in a statement over the weekend, represents only about 28 percent of the $212 million Egypt owes Dana Gas.

Payments of outstanding dues to oil and gas companies were hindered as a result of accumulation of arrears raising debts. This subsequently led to the diversion of allocated gas exports to domestic consumption, especially after the popular uprising in Egypt which began on 25 January 2011.

Government Debt to GDP in Egypt which is reported by the Central Bank of Egypt and posted by TRADING ECONOMICS was 87.10 percent as at 2013. Government Debt to GDP in Egypt averaged 86.46 Percent from 2002 until 2013, reaching an all-time high of 102.30 Percent in 2003 and a record low of 73.30 Percent in 2009.

Attempts to regain stability

According to a report by Daily News Egypt, Chairman and CEO at Dcode Economic and Financial Consulting (Dcode EFC), Mohamed Farid, said the current government is making tangible efforts to overcome the energy crisis.

However, the Minister of Petroleum, Sherif Ismail, stated that Egypt recently paid $2.1 billion of belated arrears to foreign oil firms last week. This comes after the Egyptian government had said in November 2014 that it plans to clear any debts to energy companies within six months.