Council of Ministers approves 154.9 bln br budget

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The Council of Ministers approved a record 154.9 billion birr (approximately USD 8.3 billion) annual budget for the 2013/14 fiscal year.
The proposed budget will mainly be allotted for governmental projects such as infrastructure development, education, health and power generation activities, which will be carried out during the coming fiscal year beginning on July 8. The majority of the 2012/13 budget, which was 137.8 billion birr, was raised from domestic income, while the balance is secured from external sources in the form of loans and grants.
From the total budget, 32.53 billion birr will be the country’s regular budget, an almost 6 billion birr increase from this  ending fiscal year’s budget. The government increased its capital budget by nearly 10 billion birr, making it 64.3 billion birr.
A little over 43 billion birr of the budget has been allotted to subsidize regional states, increasing subsidy by 7 billion birr. 15 billion birr is earmarked to support activities aimed at meeting the United Nations Millennium Development Goals (MDGs). The budget allocated to meet the MDGs has reduced by 5 billion birr compared to its past fiscal year’s allotment.
The proposed draft budget was formulated taking into account the country’s current, economic, social situation and other vital factors said Capital sources. It is now referred to parliament for final approval.