Ashraf al-Araby, the planning minister, played down the idea on Sunday, adding that broad structural measures were needed.

CNN: Egypt hits problems over IMF loan

The Egyptian Foreign Minister Nabil al-Araby has urged the United States to support the declaration of an independent Palestinian state.

BBC: Egypt urges US to back Palestinian state declaration

Al-Araby predicted in November that this year's deficit would be 10.4 percent of gross domestic product, without stating the figure in pounds, up from the original forecast of 8 percent.

MSN: Egypt budget deficit expected to widen to 200 billion pounds: agency - Business - Stocks & economy | NBC News