Cairo – Mubasher: Egypt’s initial budget deficit for fiscal year 2016/2017 ranged between 10.4% and 10.5% of the country’s total gross domestic product (GDP), planning minister Hala al-Saeed said on Saturday in a press conference.

Pharos research earlier said that the decision to raise fuel prices would help in reducing the country’s budget deficit from 10.8% to 9.8% in FY17/18.

Al-Saeed also expected net foreign direct investment in Egypt to reach between $8 billion and $8.5 billion in fiscal year 2016/2017.

The Egyptian Government targets a 20% rise in foreign direct investment in FY17/18, the minister added.

Egypt plans to attract investments worth $13-$15 billion in the new fiscal year, which started this month.