House Approves Close to 1 Trillion Birr Budget for Upcoming Ethiopian Fiscal Year

Addis Ababa: The House of People's Representatives has approved 971.2 Billion Birr budget for the upcoming 2024/25 fiscal year today.The submitted budget has an increment of 21.1 percent from the previous year's federal budget.Out of the close 1 trillion Birr annual budget, 451.3 billion Birr is allocated for regular expenditures, 283.2 billion Birr for capital projects execution, and 236.7 billion Birr for regional states budget subsidies.From the subsidies allocated for regional states, 14 billion Birr will be spent for the execution of projects to be implemented under the UN Sustainable Development Goals (SDGs)With regard to revenue collection, the government plans to collect 563.6 billion Birr from tax and non-tax revenues.The nation has also allocated 139.3 billion Birr for debt payment.In an effort to curb inflation the government has intentions to limit borrowing from the National Bank of Ethiopia, it was learned.The budget is based on the 10-year Prospective Development Plan and the next five years medium-term macroeconomic and fiscal frameworks of the country by considering the government's financial capacity and expected revenues as well as expenses.It prioritizes domestic funding sources and investment in productive sectors to boost productivity.Source: Ethiopian News Agency