Cairo – Mubasher: Egypt's President Abdel Fattah El-Sisi approved on Thursday the draft state budget for 2016-17, referring it to the parliament for endorsement, according to state-run agency Asharq AlAwsat.
The budget targets slashing deficit to 9.8% of gross domestic product, from 11.5% currently. It also seeks to achieve economic growth of around 5-6%.
Egypt also seeks to reduce unemployment rate to below 12% from 12.8% at present.
FY15/16 budget deficit is expected at around EGP 251 billion, or 8.9% of GDP, compared with EGP 278.4 billion, or 11.5% of GDP, a year earlier.
