Addis Abeba – The Council of Ministers has unanimously passed a budget totaling 801.65 billion birr for the 2016 Ethiopian fiscal year, as reported by the Prime Minister’s Office. The office stated that the budget bill will subsequently be forwarded to the House of People’s Representatives for further deliberations and formal approval.
The official budget document, as presented to the Council of Ministers, earmarks 369.6 billion birr for the federal government’s recurrent spending. A sum of 203.9 billion birr has been allocated for capital expenditures, while regional support is slated to receive 214.07 billion birr. Furthermore, a dedicated budget of 14 billion birr is allocated for advancing sustainable development goals.
This year’s budget has shown an increment of 15.05 billion birr from last year’s budget of 786.6 billion birr, whereas the capital expenditure declined by 14.2 billion birr.
According to the PM Office, the proposed budget has been formulated in line with the federal government’s mid-term macroeconomic and fiscal framework spanning the 2016-2020 period, Ethiopian Calendar, and maintaining national security, assisting citizens displaced by disasters, restoring damaged infrastructure, and fostering socio-economic transformation are major cornerstones of this budget proposal. AS