Egypt’s budget deficit for the first nine months of the 2016-17 fiscal year ending in June dipped to 8 percent of GDP from 9.4 percent during the same period last year, a draft budget statement showed.

Egypt is implementing sweeping reforms that include cutting subsidies and raising taxes as part of a three-year $12 billion International Monetary Fund lending programme.

Egypt President Abdel Fattah Al Sisi speaks in the Cabinet Room of White House on April

The government in April said it expects the budget deficit for this fiscal year to hit 10.9 percent of GDP. It is looking to bring this down to 9.1 percent during the next fiscal year.