Egypt’s November 2016 devaluation, on the back of a $12.5bn IMF loan, has boosted state coffers. Reserves are at a six-year high. Improved payments to oil and gas firms should lead to an oil output rise. Gas is already up.

Egypt’s oil ministry says that it has over the last three weeks paid down a total of $2.2bn to international oil and gas firms active in the country.

The 8 June ministry statement comes just days after the country’s central bank assistant deputy...