The Council of Ministers unanimously approved a draft budget for the 2022/2023 Ethiopian fiscal year. The budget was prepared based on the 2022 - 2026 mid-term macroeconomic and fiscal framework. The approved draft budget is Birr 786.61 billion and it is aimed at meeting national goals, protecting national security, assisting displaced people, and reconstructing damage infrastructure and services. It was reported that from the total amount of the approved draft budget for the fiscal year, Birr 347.12 billion was allocated for recurrent spending while Birr 218.11 billion was allocated for capital expenditure. The draft budget that is approved for the 2022/2023 fiscal year has increased by nearly 40% when compared to the budget that was assigned for the 2021/2022 fiscal year which totaled Birr 561.7 billion.

Source: Ethiopian News June 04, 2022 07:50 UTC