$13 Bln Proposed for 2016/17 Ethiopia Fiscal Year Budget


The Council of Minister has proposed over 274 billion birr ($13 billion) budget for the 2016/17 fiscal year.

The budget approved for the stated period has shown a 13.3 percent increase as compared to that of the just-ending Ethiopian budget year.

The draft budget which is to be endorsed by the House of People’s Representatives was released at the 14th regular session of the Council.

The budget allotted for regular expenses is 68.79 billion birr; 105.7 billion birr is allocated for capital expenses, 87.87 billion birr for subsidy to regional states, and 12 billion birr for sustainable development.

The budget is derived from the medium term macroeconomic fiscal framework endorsed for the Ethiopian fiscal years 2009-2013, it was indicated.

The council has urged stakeholders to utilize the budget for the allotted purpose in keeping with the law and economically.

On the other hand, the council has agreed to the proposal to increase the capital of Ethiopian Airlines to 60 billion birr so that it could meet the stiff competition in the industry, the release stated.

Source: ENA