UPDATE 1-Egypt draft 2015/2016 budget projects 9.9 pct deficit, 5 pct growth

June 18, 2015 4:13 PM

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CAIRO, June 18 (Reuters) - Egypt's cabinet approved a draft 2015/2016 budget that projects a deficit of 9.9 percent of gross domestic product, narrowing slightly from an expected gap of 10.8 percent in the current fiscal year.

The draft, which has yet to be approved by the president, expects economic growth of about 5 percent versus a projected 4.2 percent in the fiscal year ending on June 30.

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