July 4, 2017 / 2:19 PM / 3 months ago

Egypt's parliament passes 2017-18 budget

CAIRO, July 4 (Reuters) - Egypt’s parliament on Tuesday passed the state budget for the 2017-18 fiscal year beginning in July, maintaining a targeted deficit of 9.1 percent.

Egypt’s budget deficit for the current fiscal 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. (Reporting by Nashaat Hamdy; Writing by Eric Knecht; Editing by Ahmed Aboulenein)

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