Egyptian parliament passes FY2017-18 budget

Egypt’s parliament passed Tuesday the state budget for the 2017-18 financial year beginning in July, maintaining a targeted deficit of 9.1 percent.

Egypt’s budget deficit for the current financial year is expected to reach 10.8 percent. The budget projects economic growth of 4.6 percent, higher than the 3.8-4 percent growth expected this year.

The budget must now be ratified by President Abdel Fattah al-Sisi, a formality, before coming into effect.

Source: Reuters