The Ministry of Finance said in a draft budget released on Sunday that it is targeting a budget deficit of 8.5-9.5% of GDP for the FY17/18, down from an estimated 10% in FY16/17 and 12.2% in FY15/16. Government debt is aimed to be reduced to c92-94% of GDP by FY17/18-end, and to 80-85% over the medium term. The Ministry is targeting GDP growth of 4-5% during FY17/18, and 6% on the medium term, up from 4.3% and 4.4% reached in FY15/16 and FY14/15, respectively. Unemployment is targeted at 11-12%, down to 9-10% over the medium term. The Ministry is planning to continue on its subsidy reform plan, including applying fuel subsidy cuts over the medium term and implementing fuel subsidy smart card system. (Ministry of Finance, Reuters, Mubasher)