Philip Morris International (PMI) will be forced to pay the Eastern Company for tobacco seven months of arrears worth USD 78.2 mn in USD, rather than in EGP, the House Industry Committee decided on Sunday, according to an unnamed parliamentary source. PMI had reportedly rejected a proposal from Eastern Company to pay 60% of the arrears in USD and the remaining 40% in EGP, and threatened to withdraw from Egypt unless it was allowed to pay the full amount in EGP, Al Mal reports. Eastern Company subsequently waived its right to collect the payments in USD, but the committee decided that PMI will be paying Eastern Company the overdue payments in USD, and will then be allowed to pay the Egyptian company in EGP for one year until FX is more readily available.

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