ADDIS ABABA – The Council of Ministers has endorsed a 786.61 billion Birr draft budget for the 2022-23 Ethiopian fiscal year, which will start on June 8.
The budget the Council approved duringtheir regular session on Friday, is 59% higher than the current 2021/22 budget year which was 561 billion birr.
In a statement, the Office of Prime Minister Abiy Ahmed said the budget aims to achieve national goals, protect national security, assist displaced people and rehabilitate damaged infrastructure and services.
The draft budget was prepared based on the 2015-2019 Ethiopian Calander mid-term macroeconomic and fiscal framework with a focus on achieving sustainable socio-economic transformations and goals, according to the statement.
Out of the total budget proposed, 347.12 billion Birr is allocated for recurrent spending and 218.11 billion Birr for capital expenditure.
About 209.38 billion Birr is also allotted subsidy to regions while 12 billion Birr is set aside for the implementation of sustainable development goals.
The council unanimously endorsed the draft budget after in-depth deliberation and referred it to the parliament for final approval, said PM Office.
[Featured Image File]