Egypt will maintain regular payments to its foreign petroleum partners while continuing to tighten oversight of public investment, Prime Minister Moustafa Madbouly said in a weekly press briefing on Wednesday. The pledge follows a review of recent disbursements to international oil companies during a meeting of Egypt's Monetary and Fiscal Policies Coordinating Council. Prime Minister Madbouly said the government has sustained a stable repayment track record in the petroleum sector and will ensure arrears remain under control. The council also reaffirmed commitments to structural reforms and continued alignment with Egypt's International Monetary Fund (IMF) programme. He said the meeting reviewed key macroeconomic indicators, including external debt levels, foreign reserves—which the central bank said have risen above $49 billion—and the net foreign asset position of Egyptian banks, which has recently improved. Public investment governance will remain a priority in the new fiscal year, Prime Minister Madbouly added, noting that last year's targets were met and will be built upon. The government is monitoring external debt ratios to GDP and capping new foreign borrowing in line with council agreements. "These measures are about sustaining macroeconomic stability and building investor confidence," the prime minister said. Attribution: Amwal Al Ghad English
