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The Ethiopian Parliament has approved a budget of USD 16.8 billion (971.2 billion birr) for the next Ethiopian fiscal year that starts from July 8, 2024. An increase of 21.1 per cent over the current Ethiopian budget, which ends on Sunday.
Out of the total budget, about USD 7.8 billion is allocated for regular expenditures, while USD 4.9 billion is for capital projects and USD 4.1 billion is for regional states’ budget subsidies.
The budget is prepared in consideration of the government’s financial capacity and evaluation of expected revenues as well as spending, stated Prime Minister Abiy Ahmed, while addressing the Parliament. He said that Ethiopia was negotiating with the IMF and the World Bank for USD 10.5 billion in financial assistance. The negotiations with the IMF and WB are taking a long time.
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The Prime Minister said Ethiopia’s economy was performing well despite global adversities and that inflation dropped to 23 per cent this year from 30 per cent the previous year. According to him, the government is making efforts to reduce inflation, and that the government plans to limit borrowing from the National Bank of Ethiopia.
