Egypt Bets on IMF Deal to Settle Its Dues to Foreign Oil Firms

Egypt is betting that an agreement with the International Monetary Fund to resolve a foreign currency crisis will help it settle dues it has run up with foreign oil companies.

“They are long term strategic partners. They are coming on a long-term basis,” Egyptian Oil Minister Tarek el-Molla said in an interview in Cairo, referring to the firms that are owed payment. “I would not tell you that they are happy, but they would accommodate or would understand and would be patient for some time.”