The House of People’s Representatives (HPR) has approved 561.7 billion Birr budget for the Ethiopian Fiscal Year 2014.
Responding to questions posed by members of the House of People’s Representatives (HPR) about the budget, Prime Minister Abiy Ahmed emphasized the need for increasing productivity in key sectors and mobilizing domestic financial resources for better earnings instead of solely depending on the limited budget allotted.
The budget allocated for sustainable development programs has doubled from 6 billion Birr to 12 billion Birr while subsidy to regions increased by 15 percent when compared to the closing budget, he added.
Out of the total 561.7 billion Birr budget, 162 billion Birr is allocated to recurrent budget, 183.5 billion Birr to capital expenditure, 203.95 billion Birr for subsidy to regions and city administrations, and 12 billion Birr to sustainable development.
The approved budget has shown 18 percent increase as compared to the just concluded fiscal year.