Arab Finance: Egypt has embarked on the process of settling outstanding payments owed to international oil companies (IOCs) engaged in petroleum projects, as outlined in a statement released by the cabinet on March 26^th.

A payment scheme has been initiated to address 20% of the arrears. This signals Egypt's dedication to fulfilling its financial obligations promptly.

The remaining balance will be cleared according to a predetermined schedule, ensuring a systematic approach to debt repayment.