The government would reach those targets by extending new taxes and politically-sensitive cuts to energy subsidies introduced earlier this year, the ministry added in a statement.
Nearly four years of turmoil since the uprising that toppled Hosni Mubarak has hit the economy, scaring off investors and tourists. Growth fell from above 7 percent in 2007/08 to below 2 percent in 2010/11 and has not exceeded 2.2 percent annually since.
The government is targeting a budget deficit of around 10.5 percent for the current fiscal year ending June 30 and 3.5 percent economic growth.
A Reuters poll forecasts economic growth of 3.3 percent this fiscal year as Egypt pushes ahead with big projects such as expansion of the Suez Canal.