Egypt targets economic growth of 5.7 percent in next financial year

Egypt will target economic growth of 5.7 percent and a primary surplus of 1.5 percent of GDP in the 2022-23 financial year, the finance ministry said on Tuesday.

The country is targeting an overall budget deficit of 6.1 percent in the next fiscal year, which begins in July.

Egypt’s government raised its local wheat procurement price by around 670 Egyptian pounds per ton as global wheat prices increased, the ministry added.

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