The Ethiopian parliament in its urgent session held on Monday unanimously approved the over $13.8 billion national annual budget proposed to it by the Council of Minister last month.
This year’s budget has seen a $1.4 billion or 12% compared to the previous year which ended on July 7,2019.
Over $3.9 billion of th total budget is allocated for recurrent budget, more than $4.6 billion for capital expenditure, over $5 billion for budget subsidy to regional states, and $214 million for
the execution of Sustainable Development Goals (SDGs).
“The government has put aside a budget for labor-intensive agricultural, industry, mining and other related mega projects to create more employment opportunities for the youth,” Prime Minister
Abiy Ahmed said while responding to queries raised by members of the parliament (MPs) on allocation of the budget.
He further said the government would attach a special place to reduce inflation through modernizing the logistics system and taking measures against artificial price hike.
The Prime Minister also underscored the need to use local knowledge and address Foreign Direct Investment (FDI) barriers.
According to the PM, the country’s foreign exchange reserve has increased by $1 billion compared to the preceding year.
MG/abj/APA