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Ethiopia set to approve over $ 13 billion annual budget

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Ethiopia parliament (Anadolu file photo)

June 8, 2017 (ADDIS ABABA) - The Ethiopian parliament on Thursday deliberated over a draft budget for the upcoming Ethiopian fiscal year of 2010 which begins from August 2017-June 2018.

State Minister of Finance and Economic Cooperation, Abraham Tekeste, Thursday presented the draft budget proposed last week to Parliament for discussion.

Last Friday the council of ministers proposed 320.8 Birr (USD 13.8 Billion) which the new budget had seen a rise of $ 2.02 billion (16.9%) to that of the current fiscal year.

Of the total, some $ 4.9 billion are allocated for capital expenditures while some $ 3.55 billion are slated for regular expenses.

Over $ 5.08 billion (some 36.6%) is allocated to subsidies regional states.

Some $ 303 million are allotted to enforce the sustainable development goals (SDGs).

The new budget has seen $ 2.02 billion (some 16.9%) rise to that of the just-ending fiscal Ethiopian year.

State minister, Abraham said the draft budget was designed taken to account the socio-economic devolvement activities and impact of continental and global economic situation as well as pledges of international aid donors.

At the Parliament hearing today, Abraham said the country is expected to register 11.1% of economic growth in 2017/18 Ethiopian fiscal year.

After discussions, the Parliament has referred the draft budget to the budget and finance affairs to further scrutiny.

(ST)

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