Ethiopia-Economy

Ethiopia’s Council of Ministers proposes $13.4 b annual budget

APA-Addis Ababa (Ethiopia)

Ethiopia’s Council of Ministers Saturday proposed a $13.4 billion annual budget for the next Ethiopian Fiscal Year which will begin on July 8, 2021.

The council unanimously approved $13.4 billion for the upcoming fiscal year and referred the resolution to the House of Peoples Representatives for further scrutiny and approval, Prime Minister Abiy Ahmed twitted.

“The budget appropriation has been undertaking cognizant of the social and economic development growth and macro-finance prospects,” he said.

Out of the total proposed budget, $3.6 billion will be allocated for government spending, $4.4 billion for capital expenditure, $4.8 billion for regional states’ budget and $261.9 million for implementation of sustainable development goals.

The council said it has approved additional budget amounting to $628.6 million for the concluding 2020/2021 Ethiopian fiscal year. Besides the volatile macroeconomic situation, the council said it has considered the law enforcement operation in Tigray, people affected by drought, rehabilitation of returnees and IDPs, COVID-19, protection of flooding, subsidy to fertilizer supply and capacity building for mining and petroleum, among others, while appropriating the additional budget.


MG/abj/APA

React to this article