Egypt targets 11 pct budget deficit in fiscal 2014/15: finance min

Egypt is targeting a budget deficit of around 11 percent for the fiscal year that began in July and aims to boost economic growth to 5-6 percent within three years, Finance Minister Hani Dimian told a conference on Tuesday.

Political turmoil since the 2011 uprising that ousted Hosni Mubarak has hurt Egypt's economy and hit investor confidence. The government is now walking a fine line between trying to cut its deficit whilst luring investors and restoring growth.

Dimian said last week that Egypt's gross domestic product (GDP) grew 3.5 percent in the fourth quarter of fiscal 2013/14, suggesting the economy is finally recovering from the turmoil.