EgyptAir owes the Petroleum Ministry some LE1 billion, Civil Aviation Minister Hussein Massoud said at a press conference on Tuesday.
“But we have been paying our dues regularly since July,” he said.
Massoud also said the ministry would start an austerity program in order to alleviate burdens on the state budget, noting that tourism during the Christmas holidays is expected to drop by 75 percent.
The minister declined to reveal the losses his ministry incurred this year. “We’re picking up,” he said. “But we’ll only be able to compensate the losses once security and political stability are restored.”
He explained that the profit margin for airlines does not usually exceed 1 percent. “We were greatly affected when our ten flights to Japan were stopped,” he said. “But we have now resumed 21 flights to Libya.”
Translated from Al-Masry Al-Youm
