APA-Addis Ababa (Ethiopia) Ethiopia’s council of ministers has approved over $14.7 billion federal budget bill for the next Ethiopian fiscal year which will begin on July 8, 2023.
The Office of the Prime Minister says the Abiy Ahmed’s cabinet approved the budget bill during their regular session on Tuesday.
The proposed budget is about $276 million birr more than what the government had approved for the just ending Ethiopian budget year.
The budget comprises four components: recurrent and capital expenditures, as well as subsidies to the regional states and financing projects under the global Sustainable Development Goals (SDGs).
It has set aside highest amount for recurrent budget, proposing $6.8 billion and nearly over $3.7 billion has been earmarked for capital expenditures.
The bill allocated more than nearly $4 billion to cover regional states’ subsidies and has also apportioned $257 million to pay for SDGs projects.
After thorough discussions that enabled the ministers to include their inputs, the council has decided to pass the bill to the parliament for ratification, the PM’s office said in a statement.
MG/as/APA