The Council of Ministers has approved a draft budget of 786.61 billion Birr for the next fiscal year of 2022/23.
Recurrent expenditures account for 347.12 billion Birr, while 218 billion Birr has been allocated to capital expenditures. Close to 209.38 billion Birr has also been set aside for regional budgets, and 12 billion Birr to Sustainable Development Goals (SDGs) projects, according to a statement from the Office of the Prime Minister.
The new draft budget has hiked by 111.94 billion Birr (16.59%) compared to the last year’s budget.
The proposed 2022/23 fiscal year budget will be used to support national security, rehabilitate displaced citizens and destroyed infrastructures, and achieve social and economic transformations, said the statement.
The proposed budget will be tabled to the House of People’s Representatives for final approval.