Petroleum Ministry spokesman Hamdy Abdel-Aziz said the latest figure for money owed to oil companies stood at $6.2 billion in November.
“I hope this is the beginning of restoring confidence that Egypt is serious in protecting investors and settling” its dues, el-Beblawi said.
He also said the government is working hard to restore security, which is a cornerstone for a strong economy.
El-Beblawi also urged investors to show patience with unrest-hit Egypt. He added that the government is on track to restore political and economic stability, and has realized a “milestone” by completing amendments to the country’s constitution.
“The government is working hard to improve the economy and increase growth rate,” he said. He said the government aims to increase growth rate to 3.5 percent by the end of the current fiscal year. The growth rate was estimated at 2.2 percent last year.
Finance Minister Ahmed Galal told the conference that his government also aims to reduce the current budget deficit to 10 percent of the national income. The government had said the deficit had soared to 14 percent by the time Morsi was ousted.
The government has been hit by a relentless wave of protests by Morsi supporters, who still resist his removal from office. Other youth protest movements have recently also taken to the streets demonstrating against the newly drafted constitution amendments and a protest law they say stifles any opposition to the government.
El-Beblawi said his government is determined to implement the new protest law to prevent “chaos” from unsettling recent achievements.\
Article Appeared @http://abcnews.go.com/International/wireStory/egypt-settle-15-billion-owned-oil-firms-21094198