House deliberates on draft budget for upcoming Ethiopian fiscal year

Addis Ababa, June 8, 2017 (FBC) – The House of People’s Representatives (HPR) deliberated on the draft budget proposed by the Council of Ministers last week for the 2010 Ethiopian fiscal year (2017/18).

The Council proposed over 320.8 billion birr, of which over 114.7 billion birr will be allotted for capital expenditure.

More than 117 billion birr will be used to subsidize regional governments, while 7 billion birr will be allotted for sustainable development goals.

The new budget has shown a 46.4 billion birr or 16.9 percent increase compared to that of the budget allocated initially for the present fiscal year.

Similarly, of the total capital expenditure, some 80.3 billion, 14.3 billion, and 20.2 billion birr will be secured from government treasury, donation and loan, respectively. 

Speaking about the draft budget, Minister of Finance and Economic Cooperation, Dr Abrham Tekeste, said it was prepared taking into consideration socio-economic development works, impact of the global and continental economic situations and donors aid to developing countries.

He said Ethiopia is expected to post 11.1 percent growth in 2017/18.

The House referred the budget to the Budget and Finance Affairs Standing Committee for further scrutiny.

Posted by Amare Asrat