Ethiopia readies record $11bn budget

REUTERS — PUBLISHED about 3 hours ago

ADDIS ABABA: Ethiopia on Tuesday proposed a 223.3 billion birr ($11bn) budget for the fiscal year starting on July 8, up nearly 20pc from the previous year to fund spending on development.

The country’s economy is expected to grow by 10.5pc in 2015-16, according to the World Bank, fuelled by its agriculture and service sectors and state-led investment in big infrastructure projects including roads and dams.

The budget proposal presented by Finance Minister Sufian Ahmed and set to be endorsed by the House of Representatives in the next few weeks sets aside 84.3bn birr for capital expenditures and 50.2nb birr for recurrent expenditures which includes administrative, economic and social services.