The Ethiopian parliament in its urgent session held on Monday, 8 July 2019, unanimously approved the over 13.8-billion-dollar national annual budget proposed to it by the Council of Minister last month.
This year’s budget has seen a 1.4 billion dollars, or 12 percent, increase compared to the previous financial year which ended on 7 July 2019.
Over 3.9 billion dollars of the total budget is allocated for recurrent budget, more than 4.6 billion dollars for capital expenditure, over five billion dollars for budget subsidy to regional states, and 214 million dollars for the execution of Sustainable Development Goals (SDGs).
“The government has put aside a budget for labour-intensive agricultural, industry, mining and other related mega projects to create more employment opportunities for the youth,” Prime Minister
Abiy Ahmed said while responding to queries raised by members of the parliament (MPs) on allocation of the budget.
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 dollars compared to the preceding financial year.