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Egypt Financial Woes Finished?!

Finance Minister Hany Kadry Dimian has stated that Egypt's economy is set for a boost, aiming of 4-5.8% growth within the next three years, in addition to maintaining the budget deficit at 10%.

Egypt is set for an economic boost bringing some relief to the country's financial woes.

The country is targeting economic growth between 4 and 5.8 percent within the next three years, while holding the budget deficit at 10 percent of economic output, according to Finance Minister Hany Kadry Dimian.

He said: "It is expected that growth will rise gradually to between 4-5.8 percent within the next three years." 

"Estimates point to the budget deficit staying at around 10 percent of gross domestic product in the next three years," he added.

The minister spoke just days after President Abdel Fattah al-Sisi approved a revised and tightened budget for the next fiscal year, the first step toward a period of painful economic austerity. 

Egypt's economy has suffered a steep decline over the past three and a half years, since the popular uprising that deposed Hosni Mubarak in January 2011.

Political instability has contributed to a steep decline in the country's once vital tourism industry, in addition to fuelling investors' fears over investing in the volatile market.