Egypt's draft budget for the 2022/23 fiscal year aims to achieve 5.7% economic growth as the government looks to keep expansion on track, Finance Minister Mohamed Maiit said in a statement on Wednesday, Trend reports with reference to Reuters.
Egypt relies heavily on tourism but has managed to maintain overall growth despite global COVID-19 travel restrictions and lockdowns. Economic growth is expected to reach 5.6% in the fiscal year that ends in June 2022, Planning Minister Hala al-Saeed said last November.
According to the International Monetary Fund (IMF), Egypt was one of the few emerging market countries to post growth in 2020 as a result of government incentives and support to sectors hardest hit by the pandemic.
The draft budget also aims to shrink the deficit to 6.1% while cutting debt to less than 90% of gross domestic product, the statement added.