Egypt parliament passes budget aiming for 5.2 percent growth

Egypt's parliament has approved a draft budget projecting 5.2 percent growth for the coming year.

The state news agency says the house of representatives voted Wednesday in favor of the 2016-2017 draft budget, which anticipates a deficit of 9.8 percent, compared to 11 percent this year.

Egypt's economy is still struggling to recover from years of unrest since the 2011 uprising, and the bombing of a Russian passenger plane over the Sinai last year dealt a major blow to the vital tourism sector. Annual inflation hit 12.23 percent in May, the highest level in seven years, driven in part by dollar appreciation.

A bloc of 40 lawmakers rejected the budget, saying the state had gone too far in cutting fuel subsidies.