Egypt PM Eyes Growth, Deficit Cut

Prime Minister Hisham Qandil expects the Egyptian economy to grow by 3-4 per cent in the 2012/13 financial year and potentially hit the government target of 4-4.5 per cent if its goals for public and private investment flows are met. Speaking to Reuters on Sunday, Qandil said that his government aims to cut the budget deficit, now running at about 8 per cent of gross domestic product, by 1 per cent in two years. The government also seeks to bring growth to 7 per cent in the next four years, he added. In April, the International Monetary Fund predicted that Egypt's growth would slow to 1.5 per cent in 2012, but said 3.3 per cent growth was possible the following calendar year.