Egypt's government approved on Wednesday a draft state budget for FY2016/17, targeting economic growth of 5-6% versus 4.4% in FY2015/16, Planning Minister Ashraf al-Araby said. Araby projected total gross domestic product of EGP3.3 trillion (USD372 billion) in FY2016/17 and said the government would need to attract EGP530 billion in investments, up 16.5%, to reach that goal. The deficit is projected to reach 9.9%, Finance Minister Amr al-Garhy said at a news conference with Araby. He added that the deficit had expanded to 11.5% this year. The government will now send the draft budget to President Abdel Fattah al-Sisi and Parliament for final approval. The government had "not taken a decision until now" over making a deal with the International Monetary Fund, Araby said.   The newly-appointed Garhy said the government expected EGP627 billion in revenue including EGP434 billion from taxes such as the new value-added tax (VAT), which is yet to be implemented. Total revenues in the current financial year stood at EGP520 billion, Garhy said. The government plans to spend EGP936 billion in FY2016/17 versus EGP829 billion this year. The government will spend EGP210 billion on subsidies next year and EGP228 billion on wages. (Reuters)