Copyright : APA
Ethiopia has allocated over $11 billion as its national budget for the current fiscal year that runs from July 2015 to June 2016.According to a statement the country’s council of ministers circulated on Thursday, 22.6 percent of the national budget will be spent on regular expenditure while 37.4 of it will be used for capital expenses.
The statement further noted that 34.7 percent of the budget would go to subsidized regional states while the remaining 5.4 percent will be spent to finalize sustainable development programs.
The statement further noted the budget will be used economically and fund raising systems will be put in a place to speed up ongoing development projects including the Ethiopian renaissance dam project over the Blue Nile.
After thorough discussion, the council has referred the draft budget to Ethiopian parliament for approval.
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