Egypt eyes 5.5 percent budget deficit in 2016-17

Egypt hopes to lower its budget deficit to 5.5 percent in the 2016-1017 fiscal year from 10.7 percent in 2012/13, the finance minister told Egypt's Al-Ahram daily newspaper on Saturday. Egypt's budget deficit will reach 197.5 billion Egyptian pounds ($28.7 billion) or 9.5 percent of gross domestic product in the fiscal year starting July 1 after a revised 184.9 billion pounds or 10.7 percent in 2012/13, according to a draft budget previously seen by Reuters.