CAIRO - The Egyptian government said on Wednesday that it will raise allocation for food subsidies by 20 percent and for petroleum products by 24 percent in its fiscal year 2023-2024 draft budget.

A government statement added that Egypt will seek GDP growth of 4.1 percent, and an estimated average inflation rate of 16 percent in the same fiscal year.

(Reporting by Momen Saeed Atallah; Writing by Ahmed Elimam, Editing by William Maclean)