The parliament’s approval came four days after the start of the new FY 2017/2018. Implementing the new budget is currently pending approval by President Abdel Fattah Al-Sisi, which is expected imminently. The government targets economic growth of 4.6%, against an expected growth of 3.8-4% in the past FY 2016/2017, which ended on Friday. Prime Minister Sherif Ismail’s government is setting a target for budget deficits at 9.1%, against an expected deficit of 10.8% in 2016/2017. The IMF is expected to disburse the second tranche of the loan ($1.25bn) in the next few weeks.

Source: Daily News Egypt July 05, 2017 15:56 UTC