Egypt’s budget deficit for the first nine months of the FY2016-17 ending in June dipped to 8% of GDP from 9.4% during the same period last year, Invest-Gate reports.

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

Recent gas discoveries in Zohr, Atoll and North Alexandria oil fields will allow a drop in oil imports to two cargoes a month instead of 12 currently, Prime Minister Sherif Ismail said. He did not specify when the government expects to reach that target, according to Reuters.

Egypt’s finance minister said on March 16 that the second tranche of a USD 12 bn three-year International Monetary Fund loan programme to support government efforts to reduce the budget deficit and balance Egypt’s currency market is expected to be paid in May or June.