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    Ethiopia-Economy

    Ethiopian MPs Okay $509m extra budget

    APA-Addis Ababa (Ethiopia)

    Ethiopia’s parliament on Tuesday approved $509 million in additional budget for the current fiscal year which began on July 8, 2017.

    The parliament had announced $13.9 billion budget for the financial 2017/18 fiscal year six months ago with an increase of nearly 17 percent on the previous year.

    The record high additional budget would be used to cope with natural and man-made disasters, Abrham Tekeste minister of Finance and International cooperation said while announcing the additional budget during the regular session in parliament.

    He said of the total budget, $36.3 million would be allotted to the Youth Revolving Fund, $18.1million to enhance the enrollment capacity of universities and $11million for the digitization of TV transmission.

    Moreover, $181.8 million would be used to support and rehabilitate people affected by natural and man-made disasters.

    The remaining $261.8 million would be used to finance development programs and offices that encounter budget deficit.

    The additional budget will be secured from taxes and capital revenues, APA has learned.

    The additional budget was reportedly announced amid critical foreign currency exchange deficit.


    MG/as/APA

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