Addis Ababa, July 7, 2022 (FBC) – The House of People’s Representatives (HPR) has approved 786.6 billion birr budget for the Ethiopian fiscal year which starts tomorrow.
The budget was approved with a majority vote and four abstentions after extensive deliberations today.
Out of the total budget, 345.1 billion Birr is allocated for expenditure, 218.1 billion Birr for capital budget, and 209.4 billion Birr to subsidize regional states.
It was also announced that 14 billion Birr is allocated to implement Sustainable Development Goals (SDG).
The budget bill focuses on debt payment, humanitarian assistance, rehabilitation and reconstruction.
It has also given attention to building the capacity of security forces, poverty reduction activities, completing ongoing development projects, supporting displaced people and rehabilitating damaged infrastructures and services.
The approved budget is expected to observe 231.4 Birr budget deficit, which is equivalent to 3.4 percent of the GDP, it was learned.
The bill expects obtaining 224.5 billion Birr from domestic and 6.9 billion Birr from foreign loan to fill the budget deficit.
The budget has 16.59 percent increment when compared to the previous year, according to ENA.