* Economy emerging from effects of war, drought* Spending, deficit expected to be higherADDIS ABABA, June 8 (Reuters) - Ethiopia's overall spending is expected to rise slightly and economic growth to accelerate in the next fiscal year starting in July, its finance minister said on Thursday. Ahmed Shide said in a budget speech to be presented to parliament that overall spending would rise to 801.65 billion birr ($14.7 billion) in the 2023/24 year, from 786.61 billion birr in 2022/23. The East African country's budget deficit is expected to be 281.05 billion birr in the coming year. A 2022/23 deficit of 231.4 billion birr was projected at last year's budget speech. Ethiopia plans to cover the deficit by getting about 39 billion birr from foreign loans and 242 billion birr in domestic borrowing, Ahmed added.

Source: Ethiopian News June 09, 2023 00:38 UTC