Wednesday, June 10, 2015

Ethiopia readies record $11 billion budget for fiscal year from July

(June 9, 2015, ADDIS ABABA, (Reuters))--Ethiopia's government on Tuesday proposed a 223.3 billion birr ($11 billion) budget for the fiscal year starting on July 8, up nearly 20 percent from the previous year to fund spending on development.
The northeast Africa country's economy is expected to grow by 10.5 percent in 2015-16, according to the World Bank, fuelled by its agriculture and service sectors and state-led investment in big infrastructure projects including roads and dams.
The budget proposal presented by Finance Minister Sufian Ahmed and set to be endorsed by the House of Representatives in the next few weeks sets aside 84.3 billion birr for capital expenditures and 50.2 billion birr for recurrent expenditures which includes administrative, economic and social services. Read more from Reuters »  

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