June 5, 2018 / 12:31 PM / 2 months ago

Egypt's parliament passes 2018-2019 budget

CAIRO, June 5 (Reuters) - Egypt’s parliament on Tuesday passed the state budget for the fiscal year to June 2019, targeting a deficit of 8.4 percent.

Egypt expects a budget deficit for the current fiscal year of around 9.8 percent, slightly higher than the target of 9.1 percent.

The budget must be ratified by President Abdel Fattah al-Sisi, viewed as a formality, before taking into effect. (Reporting by Nashaat Hamdy; Writing by Nadine Awadalla and Eric Knecht; editing by John Stonestreet)

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