Egypt targets budget deficit of around 9.5 percent, says Prime Minister

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The Egyptian government is targeting a budget deficit of around 9.5 percent in its budget for the 2017-18 fiscal year which starts on July 1, Prime Minister Sherif Ismail said in a news conference on Sunday.

Ismail said he expected the deficit for the current fiscal year, which ends on June 30, to be between 10.5 and 10.7 percent compared to 12.2 percent in the previous year.

The government has yet to approve the budget, which has been drafted by the Finance Ministry. After approval, the budget must then be voted on by parliament before President Abdel Fattah al-Sisi can sign it into law.

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