A Ministry of Finance report published on Sunday showed that Egypt expects an average crude oil price of USD67 per barrel for its FY19/20 budget. The country spent EGP30.2bn (USD1.7bn) on fuel subsidies from Jul-Dec 2018, up from EGP26.7bn in the same period the previous year, the report said. The report also showed that Egypt has revised its average forecasted exchange rate of the USD-EGP to EGP18 for FY19/20 from EGP17.25 for FY18/19. In addition, the growth target for FY19/20 was increased from 6.0% to 6.2% but left the target for the current FY18/19 unchanged at 5.8%. The Ministry also sees the budget deficit falling to 7.1% in FY19/20 and dropping to 4.0% by FY21/22.