Egypt aims for 5.5 percent economic growth

Egypt’s Finance Ministry his country is aiming for 5.5 percent economic growth in the next fiscal year, which ends in June 2017, an increase on its 5 percent target this year.Hani Qadri Minister of Finance issued on Monday a bulletin of the proposal general budget for the fiscal year 2017/2016, which was distributed to the ministries concerned.

In its budget proposal, the Finance Ministry noted it plans to reduce the deficit to 9.5 percent of gross domestic product (GDP), compared to 10 percent this year. It aims to reduce overall debt to 90 percent of GDP, down from 91 percent this year.