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Ethiopia's council of ministers approves budget for 2023/2024 fiscal year

Tan KW
Publish date: Wed, 07 Jun 2023, 07:50 AM
Tan KW
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ADDIS ABABA, June 6 -- Ethiopia's executive body, the council of ministers, announced Tuesday it has approved a proposed budget of 801.6 billion Ethiopian birrs (about 14.7 billion U.S. dollars) for the upcoming 2023/2024 fiscal year, which will start on July 8.

In a press statement, the council of ministers disclosed the proposed new fiscal year budget will be used to support national security, rehabilitate destroyed infrastructures, support citizens affected by manmade and natural calamities, and support Ethiopia's Sustainable Development Goals (SDGs).

"369.6 billion birrs has been set aside for regular spending while 203.9 billion birrs has been set aside for capital spending," the statement disclosed. "214.07 billion birrs has been set aside for support to regional administrations while 14 billion birrs has been set aside for implementation of SDGs."

The council of ministers with a unanimous vote referred the proposed 2023/2024 fiscal year budget to the Ethiopian parliament which is expected to formally ratify the budget later this month.


  - Xinhua


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