Egypt Cabinet Approves Draft Budget Targeting 5-6 PCT Growth

CAIRO, March 30 (Reuters) - Egypt's government approved on Wednesday a draft state budget for 2016-17, targeting economic growth of 5-6 per cent versus 4.4 per cent in 2015-16, Planning Minister Ashraf al-Arabi said.

Egypt, which relies heavily on imports, has been battling a shortage of dollars since an uprising in 2011 that drove away tourists and foreign investors, two big sources of hard currency. It devalued the pound this month, which economists said would encourage foreign investment but risks driving up inflation and hurting the poor.

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