Egypt targets economic growth of 5.7% in next financial year

DUBAI, Jan 25 (Reuters) - Egypt will target economic growth of 5.7% and a primary surplus of 1.5% of GDP in the 2022-23 financial year, the finance ministry said on Tuesday.

The country is targeting an overall budget deficit of 6.1% in the next financial year, which begins in July.

Egypt's government raised its local wheat procurement price for the harvest beginning April 2022 by around 670 Egyptian pounds per tonne from the price set a year prior as global wheat prices increased, the finance ministry added.

The country, which is often the world's largest importer, allocated an additional 12 billion Egyptian pounds for wheat purchases in 2021 as global prices rallied, the ministry said.
Reporting by Yasmin Hussein; Writing by Nadine Awadalla; Editing by Alex Richardson

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