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Ethiopian Parliament approves close to 387b birr federal budget for next year

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Addis Ababa, July 8, 2019 (FBC) –The Ethiopian parliament in its urgent session held today approved the federal government budget proposed by the Council of Ministers for the next fiscal year (2019/20).

The parliament approved the over 386.9 billion birr proposed by the Council of Minister last month unanimously. This year’s budget increased by 40 billion birr or 12% compared to the previous year.

Out of the total, Over 109.4 billion birr is allocated for recurrent budget, more than 130.7 billion birr for capital expenditure, over 140.7 billion birr for budget subsidy to regional states, and 6 billion birr for the execution of Sustainable Development Goals (SDGs).

In today’s session, Prime Minister Dr Abiy Ahmed responded to queries raised by members of the parliament (MPs) on allocation of the budget.

He said 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.

Construction of library, Adwa park and other projects has already been launched at a cost of 10 billion birr in Addis Ababa, he noted.

He said the government has a plan to create 3 million jobs and send trained professional to the Middle East and Europe next year.

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 one billion US dollars compared to the preceding year.