Egyptian President approves 2016-2017 draft budget

Egypt’s President Abdel Fattah al-Sisi approved Thursday the 2016-2017 draft budget and has sent it to parliament for passage, state news agency MENA reported.

The draft reduces the budget deficit for 2016-17 to 9.8 percent from the current rate of 11.5 percent, and targets a growth rate of 5.2 percent versus 4.4 percent currently, MENA said.

Source: Reuters