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CAIRO, June 18 (Reuters) - Egypt's cabinet approved a draft 2015/2016 budget that projects a deficit of 9.9 percent of gross domestic product, narrowing slightly from an expected gap of 10.8 percent in the current fiscal year.

The draft, which has yet to be approved by the president, expects economic growth of about 5 percent versus a projected 4.2 percent in the fiscal year ending on June 30.

Projected public revenues stand at about 599 billion Egyptian pounds ($78.6 billion), a 23.2 percent increase. Projected expenditure is 872.6 billion pounds, up 18.5 percent.

The budget also earmarks 38.4 billion pounds for bread and commodities subsidies. ($1 = 7.6250 Egyptian pounds)

(Writing by Yara Bayoumy; editing by John Stonestreet) ((yara.bayoumy@thomsonreuters.com; tel: +202 2578 3290; Reuters Messaging: yara.bayoumy.thomsonreuters.com@reuters.net))

Keywords: EGYPT BUDGET/