Ethiopian Informer
ADDIS ABABA (EI): The Ethiopian Council of Ministers has endorsed a record budget of close to one trillion birr for the upcoming 2017 Ethiopian fiscal year.
The record budget of “close to one trillion birr” (amounting to about 17.5 billion U.S. dollars) has been endorsed by Ethiopia’s executive body for the upcoming 2017 fiscal year, which is set to start early next month.
The proposed budget, after endorsement by the Council of Ministers, has been tabled to the country’s highest legislative body – the Ethiopian House of People’s Representatives, for ratification.
On Tuesday, Finance Minister Ahmed Shide, while briefing members of the House of People’s Representatives on the draft budget, said the budget was prepared with an overarching goal of ensuring the continuity of ongoing and planned economic reforms, while also stabilizing the country’s macro-economy.
With its expected ratification by the Ethiopian parliament in the coming weeks, the annual budget will be regarded as the first in the country’s history to set a trillion birr mark.
Upon endorsing the draft budget bill with a unanimous vote, the Council of Ministers, disclosed that the proposed annual budget was prepared in line with performances of the current 2016 Ethiopian fiscal year, the country’s financial capacity and expected revenues. The budget also put into consideration government institutions’ financial requirements.
The annual budget will mainly finance federal government’s regular and capital expenses, subsidies to regional states, as well as to finance Ethiopia’s development commitments under the global Sustainable Development Goals (SDGs). It will also support reserve expenses, according to the Council.
The record draft budget of close to one trillion Ethiopian birrs registered close to 200 billion birr increase when compared to the 801.6 billion Ethiopian birr annual budget for the current Ethiopian fiscal year.
