Cabinet Economic Group reviews Egypt’s preliminary FY2019-20 state budget

The Cabinet economic group met yesterday to review a preliminary draft of the FY2019-20 state budget, according to a Cabinet statement. The budget forecasts GDP growing at a 6% clip next year, according to Planning Minister Hala El Said. Finance Minister Mohamed Maait had said the day before that GDP growth would come in at 6.1%. Maait also said the government is eyeing a 7.2% budget deficit in the upcoming fiscal year. Next year’s budget projects unemployment falling to 9.1%, according to El Said. The rate stood at 10% in 2Q and 3Q2018.