Cairo – Mubasher: Egypt’s finance ministry said it revised the draft budget for the fiscal year 2015/2016, lowering the estimated deficit to 8.9% of gross domestic product, down from the 9.9% previously projected in the version issued in June.

According to the new draft budget, public expenditure is seen at EGP  864 billion, compared with EGP 885 billion in the previous draft. Projected revenues were raised to EGP 622.2 billion from EGP 612 billion in the previous draft.

The revised draft budget also shows projected economic growth for the fiscal year unchanged at 5%.