Egypt is aiming for 5.5 percent economic growth in the next fiscal year, which ends in June 2017, an increase on its 5 percent target this year.

In its budget proposal on Monday, the Finance Ministry said it plans to reduce the deficit to 9.5 percent of gross domestic product, compared to 10 percent this year. It aims to reduce overall debt to 90 percent of GDP, down from 91 percent this year.

The ministry says the budget will be presented to parliament for approval. Egyptians are currently voting for their first parliament since a court ruling dissolved an Islamist-dominated legislature in 2012.

Egypt has been struggling to revive its economy since the 2011 uprising that toppled longtime leader Hosni Mubarak, which was followed by years of unrest.