Debts owed to IoCs could be paid off within two years, former minister says

Debts owed to international oil companies in Egypt should be paid off entirely within two years if work on new fields continues at a reasonable pace and fuel subsidies continue to be reduced, former Oil Minister Osama Kamal says, according to Al Mal. He says about 80% of fuel subsidies do not reach those who are most in need and that the state should redirect spending there towards health and education.