Federal budget increases 15.3%

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The Council of Ministers approved 178.6 billion Birr budget for the 2014/15 fiscal year and referred it to the House of Peoples’ Representatives (HPR). The proposed budget if approved by HPR, it would mean an increase of 15.3 percent from the current year’s budget.
Out of the total of 178.6 billion Birr, 112 billion birr would be allocated for recurrent and capital budget which would be a 15.1 billion Birr increase from the 2013/14 budget.
For subsidizing Regions, 51.5 Billion Birr has been allocated which shows an increase of 8.5 billion Birr from the current budget and 15 billion Birr will go to achieve the United Nations Millennium Development Goals.
The current fiscal year’s budget approved before the beginning of the year stands at 154.9 billion Birr. Of the total 154.9 billion Birr, 32.5 billion was planned for recurrent expenditures and 64.3 billion for capital expenditures. In addition to that, 43 billion Birr was provided for regions as subsidy appropriation.
The government previously said they planned to mobilize 16.5 billion birr from domestic borrowing and solicit 16.5 billion Birr from loans and credits. Domestic revenue and external assistance were also taken as the main means of financing with each expected to contribute 105.9 Billion Birr and 15.9 billion Birr respectively.

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