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Egypt sees 3.8 pct growth in fiscal year from July
A carpenter rides a cart carrying woodcraft to a workshop as a horse kicks its hind legs in Damietta, 100 km (62 miles) from Cairo, January 5, 2013. REUTERS/Mohamed Abd El Ghany
CAIRO, April 23 (Reuters) - Egypt said its economy will grow by 3.8 percent in the fiscal year starting in July as ministers outlined the 2013/14 budget to parliament on Tuesday.
The forecast delivered by Planning Minister Ashraf Al-Araby to the upper house of parliament was slightly below his most recent prediction of 4 percent growth next year but well above the 2.5 percent the government expects in 2012/13.
Finance Minister Al-Mursi Al-Sayed Hejazy detailed proposed tax increases and spending cuts, including plans to save 36.3 billion Egyptian pounds ($5.25 billion) by rationing the distribution of subsidised fuel using smart cards. ($1 = 6.9176 Egyptian pounds) (Reporting by Maggie Fick; Writing by Paul Taylor)
