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Egypt slashes budget deficit

Egypt's finance ministry has said the country's budget deficit goal has been cut for the next fiscal year after reducing spending in a revised budget, decreasing the government's need to tap foreign lenders to finance its budget deficit, Reuters has reported. The interim government plans to reduce the gap to 8.6% of gross domestic product in the year that starts July 1, from 9.5% in the fiscal year that ends this month, the ministry said.