Egypt govt approves 2018/19 fiscal year budget

The Egyptian Prime Minister Sherif Ismail has said the government on Sunday approved its 2018/19 fiscal year budget , targeting a budget deficit of 8.4 percent of Gross Domestic Product (GDP).

A statement from the cabinet said the budget would target GDP growth of 5.8 percent.

Meanwhile, Egypt’s Finance Minister Amr El Garhy on Monday told Reuters that the country expects GDP growth between 5.3 and 5.4 percent in the third quarter of the 2017-2018 fiscal year.

Last month , Planning Minister Hala al-Saeed said the economy grew by around 5.3 percent in the second quarter.

A World bank 2017 report said the country’s macroeconomic conditions were showing signs of stabilization following the liberalization of the exchange rate.

Egypt’s fiscal year begins in July ends in June.

Reuters