CBE Governor Affirms Availability of Dollar Reserves, Funding for Petroleum Supply Plan

Prime Minister Mostafa Madbouly reviewed the status of Egypt’s strategic reserves of petroleum products and the progress of settling dues owed to foreign petroleum partners during a meeting held on Sunday.

The meeting was attended by Central Bank Governor Hassan Abdullah, Minister of Finance Ahmed Kouchouk, and Minister of Petroleum and Mineral Resources Karim Badawy.

According to Mohamed El-Homsani, the Cabinet spokesperson, the government is committed to maintaining strategic stocks of petroleum products at safe levels to ensure market stability and guarantee the continuous availability of essential fuels for productive sectors, public services, and citizens.

The Minister of Petroleum provided a comprehensive briefing on current petroleum product volumes, future supply plans, and the latest developments in settling outstanding payments owed to international partners in the sector.

The Central Bank Governor affirmed that the required foreign currency component needed to implement the petroleum supply plan is fully secured. He noted the state's commitment to meeting payment schedules for foreign partners on time, reflecting the stability of Egypt’s fiscal and economic policies.

Meanwhile, the Minister of Finance confirmed that all financial requirements for the petroleum sector are being provided, ensuring that current supply levels remain stable and sufficient to meet the needs of households and businesses while maintaining stability in the domestic market.