ADDIS ABABA ( Halbeeg News)- The Ethiopian parliament in its urgent session held today approved the federal government budget proposed by the Council of Ministers for the next fiscal year (2019/20).
Last month, the Council of Minister proposed more than 14 billion USD federal budget for the 2019/20 year.
The parliament approved the budget unanimously. This year’s budget increased by 1.4 billion USD or 12% compared to last year’s budget.
Over 3.7 billion USD is allocated for recurrent budget, more than 4.5 .billion USD for capital expenditure, over 4.8 billion USD for budget subsidy to regional states, and 6 billion birr for the execution of Sustainable Development Goals (SDGs).
Prime Minister, Abiy Ahmed responded to queries raised by members of the parliament (MPs) on allocation of the budget.
He said the government has put aside a budget for labor-intensive agricultural, industry, mining and other related mega projects to create more employment opportunities for the youth.
Construction of library, Adwa park and other projects has already been launched at a cost of 345 million USD in Addis Ababa, he noted.
The Prime Minister also underscored the need to use local knowledge and address Foreign Direct Investment (FDI) barriers.
Additional information courtesy FANA
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