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Egypt budget draft shows deficit to rise 12.5%

According to Egypt's draft budget, the country's deficit is set to rise 12.5% to EGP135bn ($22.26bn) in the fiscal year that began on July 1, though the government is already struggling to find funding for the shortfall, Reuters has reported. Total expenditure will climb to EGP533.8bn this year from EGP476.3bn in 2011/12, the finance ministry said in the draft budget. The budget deficit represents 7.9% of projected gross domestic product (GDP), down from 8.2% a year earlier, said the ministry.