(MENAFN- Daily News Egypt) State news has reported that the total amount of debt to be paid by the Ministry of Electricity to the Ministry of Petroleum is approximately EGP 44bn.
Adding to that amount, EGP 36bn is to be paid by the Ministry of Finance on behalf of the Ministry of Electricity.
The Ministry of Finance pays 50% of the monthly electricity bill that the Electricity Ministry consumes. This is due to an agreement made between the three ministries to reduce some of the burden accumulated on the Ministry of Electricity.
The total value of monthly withdrawals of fuel made by the electricity sector is between EGP 3.6bn € EGP 3.9bn.
An official from the Ministry of Finance however neither confirmed nor denied the news about the total amount of debt. The official told the Daily News Egypt that an official statement regarding the issue will be released in the coming days by the ministry outlining the details of the situation.
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