HPR Approves Over Half Trillion Birr Budget for Upcoming Ethiopian Fiscal Year

(ENA) 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 today, 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 alloted.

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.

Revenues, Budget and Finance Standing Committee Chairperson, Yayesh Tesfayehun said the budget bill has focused on mobilizing domestic financial resources, including taxation, with plans to use the obtained finance for prioritized areas.

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 chairperson explained.

The approved budget has shown 18 percent increase as compared to the just concluded fiscal year, she noted.

The Council of Ministers approved the budget bill for the 2014 Ethiopian Fiscal Year and referred it to HPR for approval.

Source: Ethiopia News Agency