Egypt targets 4.3 pct growth in FY2015/16, says ministry

Egypt's government hopes to achieve 4.3 percent growth in the economy in the fiscal year ending 30 June 2016, up from 3.5 percent forecasted this year, the Ministry of Finance has said.

It also plans to cut down the budget deficit to 9.5-10 percent, down from 11 percent projected this year, the ministry added in an emailed statement outlining the upcoming state budget.

Following the inauguration of President Abdel-Fattah El-Sisi in July, the government announced plans to reform the state budget through unpopular subsidy cuts and new taxes. It cut fuel subsidies, raising pump prices by up to 78 percent. The government also started a gradual cut in electricity subsidies.