The Ethiopian parliament on Thursday approved $15.12 billion annual budget for next fiscal year that will begin on July 8, 2022.
The Ethiopian House of People's Representatives (HoPR), the lower house of the Ethiopian parliament, approved the proposed budget that was tabled to it by the Council of Ministers (CoM) a month ago.
“Out of the total budget, $6.63 billion has been set aside as regular expenditure while $4.19 billion has been allocated for capital spending,” Wedaje said.
According to the chairperson, $4.02 billion of the total budget is to go for subsidizing regional governments while $269.12 million of the budget is to be used for accomplishing sustainable development goals.
Out of the total approved budget, $4.3 billion is expected to be covered by domestic sources while the balance is to be covered by foreign loans, it is learned.
“The budget will be used to implement the country’s ten-year development plan, support national security, rehabilitate displaced citizens and reconstruct destroyed infrastructures as well as payment of debts,” said Desalegn Wedaje, Chairperson of the Plan, Budget and Finance Affairs Standing Committee of the house while presenting the proposed budget.
Prime Minister Abiy Ahmed on the occasion said the budget would mainly be used for scaling up the ongoing thriving agricultural development and accomplishing unfinished projects across the country.
The budget has seen a 16.59 percent increment when compared to the previous year.