(Bloomberg) -- 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.” 

El-Molla didn’t disclose the value of the arrears but said it will be sorted after the Washington-based lender and Egypt sign a deal. “This is something that we are addressing and that has a priority and will definitely be solved after signing with the IMF.”

Bloomberg reported earlier that the IMF agreement may exceed $10 billion. 

Read more: IMF Boss Says Egypt Deal ‘Very Close’ After Rate Hike Caps Talks

The Arab world’s most populous country was already wrestling with the worst economic crisis in decades and a shortage of foreign exchange before the Israel-Hamas conflict erupted in October, threatening to disrupt both trade and tourism. Revenues from the Suez Canal transits have slumped since attacks by Yemen’s Houthi militants forced major shipping firms to avoid the Red Sea.

Egypt has been in a similar crunch before when debt to foreign oil companies piled up after a 2011 uprising, hitting $6.3 billion at one point. It took years for the country to erase that debt.

Separately, the country’s gas production fell to 5.5 billion cubic feet a day, the minister said, citing natural declines at fields. That’s the lowest level in years according to Bloomberg calculations. The country, which exports its spare gas supplies mostly to Europe as LNG, may be forced to suspend shipments again in the summer to meet local demand.

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